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USDCAD TECHS: Bear Cycle Extends

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4948 High Mar 2003
  • RES 3: 1.4814 High Apr 2003 
  • RES 2: 1.4503/1.4793 High Fb 4 / 3 and key resistance
  • RES 1: 1.4380 High Feb 10     
  • PRICE: 1.4159 @ 08:17 GMT Feb 14
  • SUP 1: 1.4107 50.0% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 2: 1.4011 Low Dec 5 ‘24
  • SUP 3: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 4: 1.3894 Low Nov 11 ‘24

USDCAD broke lower Thursday, breaking out of a tight trading range this week. The pair remains soft. A key support at 1.4261, the Jan 20 low, has been cleared and this signals scope for an extension of the current bear cycle - a correction. Scope is seen for a move towards 1.4107, a Fibonacci retracement. Initial firm resistance to watch is 1.4380, the Feb 10 high. A break would highlight an early bullish reversal signal.

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  • RES 4: 1.4948 High Mar 2003
  • RES 3: 1.4814 High Apr 2003 
  • RES 2: 1.4503/1.4793 High Fb 4 / 3 and key resistance
  • RES 1: 1.4380 High Feb 10     
  • PRICE: 1.4159 @ 08:17 GMT Feb 14
  • SUP 1: 1.4107 50.0% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 2: 1.4011 Low Dec 5 ‘24
  • SUP 3: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 4: 1.3894 Low Nov 11 ‘24

USDCAD broke lower Thursday, breaking out of a tight trading range this week. The pair remains soft. A key support at 1.4261, the Jan 20 low, has been cleared and this signals scope for an extension of the current bear cycle - a correction. Scope is seen for a move towards 1.4107, a Fibonacci retracement. Initial firm resistance to watch is 1.4380, the Feb 10 high. A break would highlight an early bullish reversal signal.