USDCAD TECHS: Bullish Outlook
- RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
- RES 3: 1.3808 High Nov 3 and a key resistance
- RES 2: 1.3751 High Nov 4
- RES 1: 1.3617/3705 High Dec 26 / 16 and the bull trigger
- PRICE: 1.3552 @ 08:01 GMT Dec 30
- SUP 1: 1.3484 Low Dec 27
- SUP 2: 1.3385 Low Dec 5 and a key near-term support
- SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
- SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
USDCAD remains below its recent highs. Despite the latest pullback, short-term conditions remain bullish. The recent break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish argument and this has opened 1.3751, the Nov 4 high. On the downside, the next key support to watch lies at 1.3385, the Dec 5 low. A break would be bearish and potentially expose 1.3226, the Nov 15 low and a bear trigger.
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MNI: SWISS KOF NOV ECONOMIC BAROMETER 89.5
- MNI: SWISS KOF NOV ECONOMIC BAROMETER 89.5
SWITZERLAND DATA: KOF Barometer Falls Further in Nov
SWITZERLAND NOV KOF ECONOMIC BAROMETER 89.5 (FCST 91.8); OCT 90.9
- Despite economic sentiment largely beginning to lift off lows across the eurozone, the Swiss KOF barometer weakened further in November.
- At 89.5, the index is 1.4 points lower and close to July lows. Pre-Ukraine invasion and the knock-on effects from the onset of a global energy crisis the indicator stood around 107.
- Other services underpinned the negative development, whilst hospitality and private consumption indicators also softened.
- As such, outlooks remain subdued headed into year-end. Swiss GDP growth has remained muted throughout 2022, at +0.2% q/q in Q3 and is likely to teeter on the edge of contraction into year-end.
Source: KOF
USDCAD TECHS: Clears The 50-Day EMA
- RES 4: 1.3855 High Oct 21
- RES 3: 1.3808 High Nov 3 and a key resistance
- RES 2: 1.3571 High Nov 10
- RES 1: 1.3646 High Nov 29
- PRICE: 1.3549 @ 07:56 GMT Nov 30
- SUP 1: 1.3409 Low Nov 29
- SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
- SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
- SUP 4: 1.3139 Low Sep 14
USDCAD traded higher Tuesday, clearing resistance at the 50-day EMA. The pair has also pierced trendline resistance drawn from the Oct 13 high. The trendline intersects at 1.3594 and a clear break would strengthen a bullish argument. This would signal scope for a climb towards resistance at 1.3808, the Nov 3 high. On the downside, initial key support has been defined at 1.3317, the Nov 24 / 25 low. A break would reinstate a bearish theme.
