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Impulsive Rally Extends

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Price Is Below The 50-Day EMA

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Bear Leg Extends

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3122/35 3.0% Upper Bollinger Band / High Jul 15
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2874/2985 20-day EMA / High Aug 5
  • PRICE: 1.2751 @ 16:33 BST Aug 11
  • SUP 1: 1.2744 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2596 2.0% 10-dma envelope

USDCAD extended losses Thursday, printing a new multi-month low in the process. This extends the current bear leg having cleared support at 1.2767, the Aug 1 low. The move lower paves the way for a bearish extension and attention is on a clean close below 1.2744, the 200-dma and 1.2685, a Fibonacci retracement. On the upside, a breach of last Friday’s 1.2985 high is required to reinstate a bullish theme.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3122/35 3.0% Upper Bollinger Band / High Jul 15
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2874/2985 20-day EMA / High Aug 5
  • PRICE: 1.2751 @ 16:33 BST Aug 11
  • SUP 1: 1.2744 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2596 2.0% 10-dma envelope

USDCAD extended losses Thursday, printing a new multi-month low in the process. This extends the current bear leg having cleared support at 1.2767, the Aug 1 low. The move lower paves the way for a bearish extension and attention is on a clean close below 1.2744, the 200-dma and 1.2685, a Fibonacci retracement. On the upside, a breach of last Friday’s 1.2985 high is required to reinstate a bullish theme.