USDCAD TECHS: Trend Signals Remain Bearish
- RES 4: 1.4296 High Apr 7
- RES 3: 1.4111 High Apr 4
- RES 2: 1.4031 50-day EMA
- RES 1: 1.4016 High May 12 / 13
- PRICE: 1.3931 @ 08:02 BST May 14
- SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD maintains a firmer short-term tone. Despite the latest gains, the trend condition remains bearish and the move higher is considered corrective. A fresh cycle low last week reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4031, the 50-day EMA.
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USDCAD TECHS: Bearish Start To The Week
- RES 4: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 3: 1.4415 High Apr 1
- RES 2: 1.4264 50-day EMA
- RES 1: 1.4028/4151 Low Apr 3 / Low Feb 14
- PRICE: 1.3837 @ 07:58 BST Apr 14
- SUP 1: 1.3822 Low Nov 6 ‘24
- SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 3: 1.3696 Low Oct 10 2024
- SUP 4: 1.3643 Low Oct 9 ‘24
USDCAD is trading lower today, as it starts the week on a bearish note. Last week’s move down marked a resumption of the downtrend and has signalled scope for a continuation near-term. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Moving average studies are in a bear -mode position, highlighting a dominant downtrend. First resistance to watch is 1.4028, the Apr 3 low.
GILTS: Opening calls
Gilt calls, 90.96/91.15 range, some are seeing it towards the figure.
EQUITIES: EU Cash opening calls
Estox 50: +2.71%, Dax: +2.72%, CAC: +2.28%, FTSE +1.74%, SMI +2.27%.
