USDCAD TECHS: Trading At This Week’s Lows
- RES 4: 1.4274 High Apr 9
- RES 3: 1.4200 Round number resistance
- RES 2: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 1: 1.4140/58 High Nov 5 / Channel top drawn from Jul 23 low
- PRICE: 1.3994 @ 08:01 GMT Nov 13
- SUP 1: 1.3990 Low Nov 12
- SUP 2: 1.3959 50-day EMA
- SUP 3: 1.3888 Low Oct 29 and a key support
- SUP 4: 1.3882 Bull channel base drawn from the Jul 23 low
USDCAD is trading at this week’s lows. The latest pullback highlights a bearish development and a reversal. Resistance at the top of a bull channel, currently at 1.4158, remains intact. The bull channel is drawn from the Jul 23 low. The pair has traded through support at the 20-day EMA, at 1.4019. This exposes the 50-day EMA at 1.3959. For bulls, a break of the channel top is required to confirm a resumption of the uptrend.
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GLOBAL: RTRS Points To Higher Chinese Scrutiny On Rare Earth Magnet Exporters
Reuters sources report that "Chinese rare earth magnet companies have been facing tighter scrutiny on export license applications since September, even before Beijing's move last week to expand controls over the critical minerals used in magnets".
- The report then notes that "the lengthier reviews magnet makers face raise questions about whether China, the top global supplier, is seeking to throttle back magnet shipments, contrary to its commitment to speed up exports in a trade truce with the U.S. in May, to further tighten its grip on the products essential in military and commercial technology".
- This helps keep the risk-off tone intact, underpinning bonds and the broader USD, while weighing on equities.
- Markets remain hyper-sensitive to trade-related headlines in light of the recent escalation in the Sino-U.S. trade war.
SCHATZ TECHS: (Z5) Rally Extends
- RES 4: 107.348 50.0% retracement of Apr 7 - Sep 25 bear leg (cont.)
- RES 3: 107.247 38.2% retracement of Apr 7 - Sep 25 bear leg (cont.)
- RES 2: 107.225 High Aug 27 and a bull trigger
- RES 1: 107.200 Intraday high
- PRICE: 107.195 @ 08:34 BST Oct 14
- SUP 1: 107.085/037 Low Oct 10 / 20-day EMA
- SUP 2: 106.965/920 Low Oct 6 / Low Sep 25 and the bear trigger
- SUP 3: 106.907 1.618 proj of the the Aug 27 - Sep 2 - 8 price swing
- SUP 4: 106.900 Round number support
Schatz futures traded sharply higher Friday and the contract has started this week on a bullish note. Today’s gains have delivered a print above 107.910, strengthening a bullish condition. This signal scope for a climb towards 107.225 next, the Aug 27 high and the next key resistance point. Initial firm support to watch lies at 107.037, the 20-day EMA. A breach of this average would undermine the uptrend.
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