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Bear Cycle Remains In Play

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3718 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3361/1.3475 High Nov 11 / 50-day EMA
  • PRICE: 1.3287 @ 16:12 GMT Nov 15
  • 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 maintains a bearish theme and the pair is trading at its recent lows. Last Thursday’s sell-off resulted in a new multi-month low, reinforcing a bearish theme and marking an extension of the price sequence of lower lows and lower highs. The outlook remains bearish. A continuation lower would open 1.3205, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3571, the Nov 10 high.

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

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