USDCAD TECHS: Retracement Mode

Large Sonia Basis trade, helps explain the Volume at that Expiry.

• SFIM7 10k at 96.42.

• 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