USDCAD TECHS: Corrective Cycle Extends
- RES 4: 1.3462 High Jun 5
- RES 3: 1.3427 High Jun 7
- RES 2: 1.3362 50-day EMA
- RES 1: 1.3306 Intraday high
- PRICE: 1.3288@ 08:00 BST Jul 6
- SUP 1: 1.3190/3117 Low Jun 28 / 27 and key support
- SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
- SUP 3: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally
- SUP 4: 1.2954 Low Sep 13 2022
USDCAD has traded higher and managed to push through resistance at the 20-day EMA. The latest recovery still appears to be a correction and the trend is bearish. Looking at MA studies, they remain in a bear mode position, highlighting a downtrend. A resumption of weakness would open 1.3117, the Jun 27 low and bear trigger. On the upside, an extension higher would expose the next important resistance at 1.3362, the 50-day EMA
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDCAD TECHS: Bearish Extension
- RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
- RES 3: 1.3695 High Mar 28
- RES 2: 1.3668 High Apr 28 and key resistance
- RES 1: 1.3516/85 20-day EMA / High Jun 1
- PRICE: 1.3403 @ 07:59 BST Jun 6
- SUP 1: 1.3397 Intraday low
- SUP 2: 1.3363 Low May 11
- SUP 3: 1.3315 Low May 8
- SUP 4: 1.3302 Low Apr 14 and a key near-term support
USDCAD maintains a softer tone following the reversal from the May 26 high of 1.3655. Price is trading lower today. The impulsive nature of the latest sell-off signals scope for a deeper pullback and the next support to watch is 1.3404, the May 16 low. This level has been pierced, a clear break would expose 1.3315, the May 8 low and a key support point. On the upside, initial resistance is at 1.3516, the 20-day EMA.
EUROZONE ISSUANCE: EU-bond syndication: 7/20-yera dual-tranche
1.625% Dec-29 EU-bond
- Guidance: MS -1bps area
- Size: E3bln WNG
3.375% Nov-42 EU-bond
- Guidance: MS +54bps area
- Size: E4bln WNG
- JLMs: Danske Bank, Deutsche Bank, GSBE, JP Morgan, Societe Generale (B&D/DM)
- Settlement: 13 June 2023 (T+5)
- Timing: Books open, today’s business
From market source
EQUITIES: EU Cash opening calls
Estox 50: -0.31%, Dax: -0.24%, CAC: -0.17%, FTSE -0.28%, SMI -0.26%.
