USDCAD TECHS: Monitoring Support
- RES 4: 1.4793 High Feb 3 and key resistance
- RES 3: 1.4700 Round number resistance
- RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 1: 1.4450/4548 High Mar 5 / 61.8% of the Feb 3 - 14 bear leg
- PRICE: 1.4356 @ 08:07 GMT Mar 6
- SUP 1: 1.4342/4300 Low Mar 5 / 50-day EMA
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
The USDCAD correction / bull cycle that started Feb 14 remains in play for now and the latest pullback appears corrective. Gains earlier this week reinforce current conditions and expose 1.4548, a Fibonacci retracement point. The short-term bear trigger has been defined at 1.4151, the Feb 14 low. Initial firm support to watch lies at 1.4301, the 50-day EMA. A break of this average would highlight an early reversal signal.
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SILVER TECHS: Trading At Its Recent Highs
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.125 - High Nov 1
- RES 2: $32.338 - High Dec 12 and a key resistance
- RES 1: $31.737 - High Jan 30
- PRICE: $31.479 @ 08:05 GMT Feb 4
- SUP 1: $29.704/28.748 - Low Jan 27 / Low Dec 19 and bear trigger
- SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
- SUP 3: $27.686 - Low Sep 6
- SUP 4: $26.451 - Low Aug 8
Silver continues to trade at its recent highs. A bear cycle that started on Oct 23 last year remains in play and recent gains are considered corrective. However, the latest move higher does suggest scope for a continuation near-term. An extension would expose key resistance at $32.338, the Dec 12 high. Clearance of this level would highlight a reversal. Support to watch is $29.704, the Jan 27 low, and $28.748, the Dec 19 low and the bear trigger.
USDCAD TECHS: Trend Structure Remains Bullish
- RES 4: 1.5000 Psychological round number
- RES 3: 1.4948 High Mar 2003
- RES 2: 1.4814 High Apr 2003
- RES 1: 1.4600/1.4793 Round number resistance / High Feb 3
- PRICE: 1.4435 @ 08:03 GMT Feb 4
- SUP 1: 1.4398 20-day EMA
- SUP 2: 1.4290 50-day EMA
- SUP 3: 1.4261 Low Jan 20 and a key support
- SUP 4: 1.4178 High Nov 6 ‘24
USDCAD traded sharply higher Monday, before reversing lower into the close. Despite the pullback, Monday’s gains reinforce and strengthen bullish conditions. The break higher has confirmed a resumption of the uptrend and sets the scene for a climb towards 1.4814 next, the Apr 2003 high. Moving average studies remain in a bull-mode position highlighting a dominant uptrend. Initial firm support to watch is 1.4398, the 20-day EMA (pierced).
GILTS: Opening calls
Gilt calls, 92.70/92.74 range.
