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Bearish Outlook

USDCAD TECHS
  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2686/2724 High Jun 2 / 20-day EMA
  • PRICE: 1.2555 @ 15:44 BST Jun 7
  • SUP 1: 1.2535 Low Jun 6
  • SUP 2: 1.2459 Low Apr 21
  • SUP 3: 1.2430 2.0% 10-dma envelope
  • SUP 4: 1.2403 Low Apr 5 and key support

USDCAD maintains a softer tone and is trading closer to its recent lows. Price has shown below 1.2562, the 76.4% retracement of the Apr 5 - May 12 uptrend. A clear breach of this level would strengthen current bearish conditions and open 1.2459, Apr 21 low and potentially 1.2403 further out, the Apr 5 low and a key support. Key short-term resistance is seen at 1.2724, the 20-day EMA.

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