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Bear Leg Extends

  • RES 4: 1.2648 High Oct 6
  • RES 3: 1.2551 50-day EMA
  • RES 2: 1.2494 Low Sep 3 and a recent breakout level
  • RES 1: 1.2410 High Oct 18
  • PRICE: 1.2331 @ 07:00 BST Oct 21
  • SUP 1: 1.2288 Intraday low
  • SUP 2: 1.2253 Low Jun 23
  • SUP 3: 1.2229 76.4% retracement of the Jun - Aug rally
  • SUP 4: 1.2157 Low Jun 16

USDCAD remains in a bear cycle and continues to trade lower. A bearish theme follows the recent break of the Jul 30 low of 1.2422. This signals scope for an extension of the downleg and has opened 1.2253 next, the Jun 23 low. Note too that moving average conditions are in a bear mode and this reinforces current trend conditions. Initial firm resistance is seen at 1.2494, Sep 3 low. A break would ease bearish pressure.

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