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Approaching Resistance At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3684 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3453 50-day EMA
  • PRICE: 1.3411 @ 08:03 GMT Nov 21
  • SUP 1: 1.3226 Low Nov 15
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD remains bearish, but appears to have entered a bullish corrective cycle and remains above its recent lows. Resistance to watch is at 1.3453, the 50-day EMA. A break would signal scope for a stronger recovery and this would open 1.3571, the Nov 10 high. On the downside, key support and the bear trigger has been defined at 1.3226, the Nov 15 low. A break would resume bearish activity.

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