US CREDIT SUPPLY: NEW DEAL: BROOKFIELD ASSET MANAGEMENT LTD BENCHMARK 2PT DEAL

• RES 4: $53.546  - Today’s intraday high
• RES 3: $52.821 - 76.4% retracement of the Oct 14 high-low range
• RES 2: $52.010 - 50.0% retracement of the Oct 14 high-low range
• RES 1: $51.199 - 23.6% retracement of the Oct 14 high-low range     
• PRICE: $50.978 @ 14:48 BST Oct 14
• SUP 1: $49.677/46.791 - Low Oct 10 / 20-day EMA 
• SUP 2: $43.308 - 50-day EMA
• SUP 3: $41.135 - Low Sep 17  
• SUP 4: $40.404 - Low Sep 4

Trend signals in Silver remain bullish. The metal has traded to a fresh cycle high today, however, price action is volatile and silver is off its intraday high. Recent gains have resulted in a move above a major resistance area around the $49.00-$50.00 region. This marks a high point from Jan ‘80 and Apr ‘11 and $50.00 represents a key psychological level. A clear break of this zone strengthens a bull theme. Support to watch is $46.791, the 20-day EMA.

• RES 4: 6850.87 1.618 proj of the Aug 1 - 15 - 20 price swing
• RES 3: 6831.38 2.500 proj of the Aug 20 - 28 - Sep 2 price swing
• RES 2: 6819.25 1.500 proj of the Aug 1 - 15 - 20 price swing
• RES 1: 6718.50/6812.25 Intraday high / High Sep 9 
• PRICE: 6634.25 @ 14:29 BST Oct 14
• SUP 1: 6602.32 50-day EMA
• SUP 2: 6540.25 Low Sep 10 and a key short-term support 
• SUP 3: 6506.50 Low Sep 5 
• SUP 4: 6427.00 Low Sep 2 

A sharp sell-off in S&P E-Minis on Friday appears corrective - for now. The contract has found support below the 50-day EMA, currently at 6602.32, and last Friday’s low of 6940.25 has been defined as a key short-term support. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. The bull trigger is 6812.25, the Sep 9 high. A breach of this hurdle would confirm a resumption of the uptrend.

• RES 4: 1.4200 Round number resistance  
• RES 3: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
• RES 2: 1.4111 High Apr 10
• RES 1: 1.4080 Intraday high 
• PRICE: 1.4053 @ 14:37 BST Oct 14
• SUP 1: 1.3928/3863 20- and 50-day EMA values  
• SUP 2: 1.3799 Bull channel base drawn from the Jul 23 low 
• SUP 3: 1.3727 Low Aug 29 and a bear trigger 
• SUP 4: 1.3689 Low Jul 28 

A bull cycle in USDCAD remains intact and this week’s firm start reinforces current conditions. Last Thursday’s rally confirmed a recent bull flag on the daily chart and a resumption of the current uptrend. MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4111 next, the Apr 10 high, and further out scope is seen for an extension towards 1.4167, a Fibonacci retracement. First key support is 1.3863, 50-day EMA.