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Bearish, Despite A Bounce Off Tuesday’s Low

USDCAD TECHS
  • RES 4: 1.2699 High Mar 17
  • RES 3: 1.2636 50-day EMA
  • RES 2: 1.2574/93 20-day EMA / High Mar 28
  • RES 1: 1.2540 High Apr 1
  • PRICE: 1.2506 @ 17:28 BST Apr 6
  • SUP 1: 1.2403/2381 Low Apr 5 / 1.0% 10-dma envelope
  • SUP 2: 1.2387 Low Nov 10 2021
  • SUP 3: 1.2328 Low Oct 29 2021
  • SUP 4: 1.2301 Low Oct 27 2021

USDCAD weakened Tuesday and this resulted in a break of last week’s 1.2430 low, on Mar 30. The pair however did recover from the session low. The move highlights a resumption of the current bear cycle and marks an extension of the bearish price sequence of lower lows and lower highs. Moving average conditions are in a bear mode too. The focus is on 1.2381, the lower band of a MA envelope. Firm short-term resistance is at 1.2540/83.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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