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Bearish Conditions Dominate

USDCAD TECHS
  • RES 4: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2646/76 High Apr 19 / High Apr 13 and a bull trigger
  • RES 1: 1.2522/84 Low Apr 14 / 20-day EMA
  • PRICE: 1.2504 @ 15:59 BST Apr 21
  • SUP 1: 1.2459/69 Low Apr 21 / 1.0% 10-dma envelope
  • SUP 2: 1.2403 Low Apr 5 and a key support
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

A sharp sell-off Wednesday bled into the Thursday session, resulting in a fresh low of 1.2459. This strengthens short-term bearish conditions. The move lower resulted in a break of support at 1.2522, the Apr 14 low. This sets the scene for an extension lower and note that the bearish engulfing candle on Apr 13, remains in play. Sights are on 1.2403, the Apr 5 low. On the upside, initial resistance is seen at the 1.2522-84 zone, the Apr 14 low and the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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