USDCAD TECHS: Retracement Mode
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3868/3925 High Aug 26 / 22 and the bull trigger
- PRICE: 1.3786 @ 08:13 BST Aug 28
- SUP 1: 1.3778/70 50-day EMA / Intraday low
- SUP 2: 1.3722 Low Aug 7
- SUP 3: 1.3576 Low Jul 23
- SUP 4: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger
A bull cycle in USDCAD that started mid-June remains in play. However, the latest corrective pullback has resulted in a print below support at the 50-day EMA, at 1.3778. A clear break of this handle would signal scope for a deeper retracement and expose 1.3722, the Aug 7 low. Moving average studies have recently crossed and are in a bull-mode position, highlighting an uptrend. The bull trigger has been defined at 1.3925, the Aug 22 high.
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SILVER TECHS: Uptrend Remains Intact
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.092 @ 08:00 BST Jul 29
- SUP 1: $37.843 - 20-day EMA
- SUP 2: $36.452 - 50-day EMA
- SUP 3: $35.285 - Low Jun 24
- SUP 4: $33.967 - Low Jun 3
Trend signals in Silver are unchanged, they remain bullish. Gains early last week reinforce current trend conditions - the metal traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.843, the 20-day EMA.
MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
- MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y
