MNI DAILY TECHNICAL ANALYSIS - USDCAD Bull Theme

Price Signal Summary - USDCAD Bull Theme * A strong rally in S&P E-Minis on Monday marked a bullish start to this week's session and has strengthened the likelihood of a recent reversal and the end of a corrective cycle. Despite recent gains, EUROSTOXX 50 futures are trading closer to their recent lows. A short-term bearish theme remains in play. 02, has recently been breached.

* EURUSD is trading at its cycle lows and a bear theme remains intact. The recent breach of the 50-day EMA, has strengthened the current downleg and the pair continues to retrace the bull cycle between Jun 24 and Aug 20. A bull cycle in USDJPY remains in play - for now - and price is trading at its recent highs. 67.

USDCAD maintains a firmer tone and the pair continues to appreciate. This reinforces the current short-term bull theme. 3933. * A bull cycle in WTI futures remains intact and the latest pullback appears corrective - for now.

Note that MA studies are in a bull-mode position and this highlights a dominant uptrend. Recent gains in Gold resulted in a break of both the 20- and 50-day EMAs. This is potentially an early reversal signal and if correct, an indication that the recent corrective bear cycle may be over. * Bund futures are holding on to their recent gains.

The latest recovery appears to be corrective. The trend structure is bearish and gains are allowing a recent oversold condition to unwind. Gilt futures are trading closer to their recent highs. The bounce from the Sep 14 low appears to be a correction.

50, has been breached. 1325 Low Jun 24 and a key medium-term support EURUSD is trading at its cycle lows and a bear theme remains intact. The recent breach of the 50-day EMA, has strengthened the current downleg and the pair continues to retrace the bull cycle between Jun 24 and Aug 20. 1416, a Fibonacci retracement.

1325, the Jun 24 low and a key medium-term support. 1549, the 50-day EMA. 3140 Low Jun 24 and a key M/T support A bearish theme in GBPUSD remains intact and a fresh cycle low today reinforces this theme. 4% retracement point of the bull cycle.

A break of this level would strengthen the current bearish theme. 3469, the 50-day EMA. Short-term gains would be considered corrective. 236 projection of the May 18 - 25 - Jun 22 swing EURGBP is unchanged and continues to trade in a range.

8532, the Aug 12 low. A clear break of this price point would highlight a reversal of the recent corrective bull cycle that started mid-July. Note that M/T trend signals continue to highlight a dominant downtrend. 8611 marks key resistance and a short-term bull trigger.

A break of this hurdle would confirm a resumption of the correction. 00 projection of Jul 23 - Aug 3 - Sep 2 price swing A bull cycle in USDJPY remains in play - for now - and price is trading at its recent highs. 67. 07.

Clearance of this average would strengthen the current bull cycle. 89, the Sep 8 low. 2% retracement of the Feb 28 '25 - Apr 17 bull leg EURJPY is holding on to the bulk of its recent gains. Despite the move higher - a correction - a bearish trend theme remains intact.

87, the 20-day EMA. 56. MA studies are in a bear-mode position, highlighting a dominant downtrend. 85, the Sep 14 low.

8% retracement of the Jun 30 - Sep 9 bull leg AUDUSD continues to trade closer to its recent lows. The latest pullback appears corrective and trend conditions remain bullish. However, the move down since Sep 9, has resulted in a breach of the 20-day and 50-day EMAs. 7052, a Fibonacci retracement.

7238, the Sep 09 high. 3620 Low May 7 USDCAD maintains a firmer tone and the pair continues to appreciate. This reinforces the current short-term bull theme. 3933.

The break signals scope for a stronger retracement of the Jun 24 - Aug 21 bear leg. 4126, a Fibonacci retracement. 3732, the Aug 21 low. 3927, the 20-day EMA.

236 proj of the Aug 13 - 20 - 25 price swing Bund futures are holding on to their recent gains. The latest recovery appears to be corrective. The trend structure is bearish and gains are allowing a recent oversold condition to unwind. Note that moving average studies on the continuation chart are in a bear-mode position, highlighting a dominant downtrend.

83, a Fibonacci projection. 46, the 20-day EMA. 236 proj of the Aug 5 - 20 - 25 price swing A downtrend in Bobl futures remains firmly in place and short-term gains are for now considered corrective. Note too that the latest pause still appears to be a flag formation - a bearish continuation signal.

867, a Fibonacci projection. 856, the 20-day EMA. Short-term gains would be considered corrective. 764 proj of the Aug 25 - Sep 2 - 4 price swing A bear cycle in Schatz futures remains intact and a fresh cycle low last week reinforces the bear theme.

The contract has recently cleared a key support to confirm a resumption of the trend. 332 next, a Fibonacci projection. Note that on the continuation chart, moving average studies are in a bear mode position. This set-up highlights a dominant downtrend.

850, the 20-day EMA. 00 Round number support Gilt futures are trading closer to their recent highs. The bounce from the Sep 14 low appears to be a correction. 50, has been breached.

51 next, a Fibonacci retracement. 72, the Sep 14 low. 69, the Sep 17 low. 00 Round number support A bearish theme in BTP futures remains intact and a fresh cycle low last on Sep 15 reinforces current conditions.

Note that moving average studies on the continuation chart are in a bear-mode position, highlighting a dominant downtrend. 52 next, a Fibonacci projection point. 30, the 20-day EMA. The latest recovery is - for now - considered corrective.

382 proj of the Aug 13 - 20 - 27 price swing Despite recent gains, EUROSTOXX 50 futures are trading closer to their recent lows. A short-term bearish theme remains in play. 02, has recently been breached, strengthening a bear threat. 59, a Fibonacci projection.

Resistance to watch is at the 50-day EMA. 00 Low Jun 11 A strong rally in S&P E-Minis on Monday marked a bullish start to this week's session and has strengthened the likelihood of a recent reversal and the end of a corrective cycle. Note too, that a bullish engulfing candle on Sep 17, also highlights a reversal signal. 00, the Aug 13 high and key medium-term bull trigger.

00, the Sep 16 low. 66, the 50-day EMA. 67 - Low Jul 2 and a bear trigger A bull cycle in Brent futures remains intact and - for now - the latest pullback is considered corrective. 22, the 20-day EMA.

A clear break of the 20-day average would suggest scope for a deeper retracement. 87. 97, the Sep 11 high. 09 - Low Jul 2 and the bear trigger A bull cycle in WTI futures remains intact and the latest pullback appears corrective - for now.

Note that MA studies are in a bull-mode position and this highlights a dominant uptrend. 28. 71, the 50-day EMA. A clear break of it would undermine the bull theme.

69, the Sep 15 high. 4% retracement of the Jun 30 - Aug 25 bull leg Recent gains in Gold resulted in a break of both the 20- and 50-day EMAs. This is potentially an early reversal signal and if correct, an indication that the recent corrective bear cycle may be over. 2, Fibonacci retracement points.

6, the Sep 16 low. Clearance of this level would instead confirm a resumption of the recent bear leg. 000 - Psychological round number Recent weakness in Silver appears to have been a correction. 954.