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Bearish Extension

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: 1.2686/2706 High Jun 2 / 20-day EMA
  • PRICE: 1.2534 @ 15:55 BST Jun 8
  • SUP 1: 1.2518 Low Jun 8
  • SUP 2: 1.2459 Low Apr 21
  • SUP 3: 1.2403/02 Low Apr 5 and key support / 2.0% 10-dma env
  • SUP 4: 1.2387 Low Nov 10. 2021

USDCAD maintains a softer tone and the pair traded lower again Wednesday. The move reinforces current bearish conditions. Price has cleared 1.2562, the 76.4% retracement of the Apr 5 - May 12 uptrend. This opens 1.2459 next, Apr 21 low and suggests scope for weakness towards 1.2403 further out, the Apr 5 low and a key support. Key short-term resistance is seen at 1.2706, 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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