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50-Day EMA Remains Exposed

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/ 2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2708 High Aug 27
  • PRICE: 1.2636 @ 16:36 BST Aug 31
  • SUP 1: 1.2569 Low Aug 31
  • SUP 2: 1.2529 50-day EMA
  • SUP 3: 1.2422 Jul 30 low
  • SUP 4: 1.2303 Low Jul 6

USDCAD traded sharply lower Aug 23 and maintains a bearish short-term tone. From a pattern perspective, activity on Aug 20 was a bearish reversal shooting star candle. The Aug 23 sell-off and particularly the weak close, reinforced the candle pattern and highlights a short-term bearish theme. Attention is on 1.2529, the 50-day EMA and a key support. Key resistance has been defined at 1.2949.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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