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Approaching A Key Support Zone

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3748 High Oct 25
  • PRICE: 1.3583 @ 08:19 BST Oct 27
  • SUP 1: 1.3503 Low Oct 4 and a key support
  • SUP 2: 1.345850-day EMA
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD has cleared the 20-day EMA and maintains a bearish tone as the reversal from 1.3977, Oct 13 high, extends. The move lower exposes support at 1.3503, the Oct 4 low. Note that the 50-day EMA intersects at 1.3458. Clearance of these two chart points (a key support zone) would signal scope for a deeper pullback. The broader trend direction is up and the latest pullback is likely corrective. Initial firm resistance is 1.3855, the Oct 21 high.

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