USDCAD TECHS: Bull Channel Breakout
- RES 4: 1.4140 High Nov 5 and a key resistance
- RES 3: 1.4131 High Nov 21
- RES 2: 1.4051 High Nov 28
- RES 1: 1.3939/4016 Low Nov 28 / 20-day EMA
- PRICE: 1.3878@ 14:47 GMT Dec 5
- SUP 1: 1.3877 Intraday low
- SUP 2: 1.3840 50.0% retracement of the Jun 16 - Nov 6 bull cycle
- SUP 3: 1.3812 Low Sep 23
- SUP 4: 1.3779 Low Sep 22
A bear theme in USDCAD remains intact and today’s strong sell-off reinforces a bear theme. The pair has breached an important support at 1.3942, the base of a bull channel drawn from the Jul 23 low. The break highlights a stronger bear cycle and signals scope for an extension towards 1.3840 next, a Fibonacci retracement point. Initial firm resistance to watch is 1.4016, 20-day EMA.
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MNI: US OCT FINAL SERV PMI 54.8 (55.2 FLASH, 54.2 SEP)
- MNI: US OCT FINAL SERV PMI 54.8 (55.2 FLASH, 54.2 SEP)
- US OCT FINAL COMPOSITE PMI 54.6 (54.8 FLASH, 53.9 SEP)
USDCAD TECHS: Tests The Channel Top
- RES 4: 1.4274 High Apr 9
- RES 3: 1.4200 Round number resistance
- RES 2: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.4136/40 Channel top drawn from Jul 23 low / Intraday high
- PRICE: 1.4127 @ 14:43 GMT Nov 5
- SUP 1: 1.3998 20-day EMA
- SUP 2: 1.3935 50-day EMA
- SUP 3: 1.3888 Low Oct 29 and a key support
- SUP 4: 1.3859 Bull channel base drawn from the Jul 23 low
A bull cycle in USDCAD remains intact. This week’s extension highlights a clear reversal of the corrective bear leg between Oct 14 - 29. The pair has breached 1.4080, the Oct 16 high to confirm a resumption of the uptrend.. Sights are on 1.4136 (pierced), the top of a bull channel drawn from the Jul 23 low. A clear break of this hurdle would open 1.4167, A Fibonacci retracement. First support lies at 1.3998, the 20-day EMA.
PIPELINE: Corporate Bond Update: Gradually Expanding as Earnings Cycle Wind Down
- Date $MM Issuer (Priced *, Launch #)
- 11/05 $Benchmark Mattel 5Y +160a
- 11/05 $Benchmark Equinix 5Y +110a
- 11/05 $Benchmark Polaris +5Y +200a
- 11/05 $Benchmark CBRE Services 7Y +130a
- 11/05 $Benchmark Santos Finance 10Y +195a
- 11/05 $Benchmark Northwestern Corp 2030 tap
- 11/05 $Benchmark KEPCO 3Y SOFR+62, 5Y +47
- 11/05 $Benchmark Intercontinental Exchange 3Y, +5Y
- 11/05 $Benchmark Apollo Global Mgt 5Y +110a, 10Y +130a
- 11/05 $Benchmark Transcontinental Gas Pipeline 10Y +120a, 30Y +130a
