• 723 days Will The ECB Continue To Hike Rates?
  • 723 days Forbes: Aramco Remains Largest Company In The Middle East
  • 725 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,125 days Could Crypto Overtake Traditional Investment?
  • 1,130 days Americans Still Quitting Jobs At Record Pace
  • 1,132 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,135 days Is The Dollar Too Strong?
  • 1,135 days Big Tech Disappoints Investors on Earnings Calls
  • 1,136 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,138 days China Is Quietly Trying To Distance Itself From Russia
  • 1,138 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,142 days Crypto Investors Won Big In 2021
  • 1,142 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,143 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,145 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,146 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,149 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,150 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,150 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,152 days Are NFTs About To Take Over Gaming?
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

USD/CAD: Temporary Bounce

USD/CAD is finding some support around the 0.9926 swing low posted on 9th February after the breakdown from 1.0052 which completed a bull trap.

Short-term risk is seen to the downside and while 0.9983/1.0052 caps the risk is seen for sustained loss of 0.9928, a move which should then see an extension of the recent downtrend towards reaction lows at 0.9892 then 0.9766 as the bear run resumes following bearish resolution to a triangle.

We would need to see re-capture of 1.0052 from here to suggest basing potential, with scope then for a push towards minor resistance at 1.0163 then 1.0250 in a more bullish multi-week scenario.

EUR/CAD, which tends to share a positive correlation with EUR/USD, is working higher having based ahead of psychological 1.3000. The rate remains within a trading range, with upside resolution to target broken support at 1.3394.

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment