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Approaching Key Support

USDCAD TECHS
  • RES 4: 1.3668 High Apr 28 and a key resistance
  • RES 3: 1.3585 High Jun 1
  • RES 2: 1.3499 50-day EMA
  • RES 1: 1.3466 20-day EMA
  • PRICE: 1.3336 @ 08:16 BST Jun 12
  • SUP 1: 1.3313 Low Jun 09
  • SUP 2: 1.3302 Low Apr 14 and a key near-term support
  • SUP 3: 1.3275 Low Feb 14
  • SUP 4: 1.3187 2.0% 10-dma envelope

USDCAD maintains a softer tone and traded to new multi-month lows Friday. The pair is trading closer to its recent lows. The resumption of weakness exposes 1.3302, the Apr 14 lows and a key support. Clearance of this level would strengthen bearish conditions. On the upside, initial firm resistance is at 1.3466, the 20-day EMA. A break of this level is required to ease bearish pressure.

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