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Bear Leg Extends

USDCAD TECHS
  • RES 4: 1.2700 High Mar 8
  • RES 3: 1.2653 High Apr 21 and the bull trigger
  • RES 2: 1.2491/96 High Apr 26 / 20-day EMA
  • RES 1: 1.2419 High Apr 27
  • PRICE: 1.2279 @ 06:52 BST Apr 30
  • SUP 1: 1.2268 Intraday low
  • SUP 2: 1.2239 1.236 proj of Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 3: 1.2204 2.0% 10-dma envelope
  • SUP 4: 1.2178 1.382 proj of the Jan 28 - Feb 25 - Feb 26 price swing

USDCAD maintains a bearish tone following this week's move to fresh cycle lows. The break of 1.2365, Mar 18 low confirms a resumption of the underlying downtrend that has been in place since March 2020. Moving average studies remain in a bear mode reinforcing current trend conditions. The focus is on 1.2239, a Fibonacci projection. On the upside, initial resistance is at 1.2365 and 1.2419. The latter is the Apr 27 high.

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