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Bearish Extension

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2625 High Mar 11
  • RES 1: 1.2527 High Mar 18
  • PRICE: 1.2486 @ 17:10 GMT Mar 19
  • SUP 1: 1.2365 Low Mar 18
  • SUP 2: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 3: 1.2289 2.0% 10-dma envelope
  • SUP 4: 1.2278 Trendline Drawn From May 2015 Low

USDCAD remains vulnerable despite the Thursday / Friday recovery. The pair has this week cleared key support at 1.2468, Feb 25 low and a recent bear trigger. This confirms a resumption of the underlying downtrend with attention on 1.2289, the lower band of a moving average envelope. On the upside, initial resistance is at 1.2527, Mar 18 high. Key trend resistance is at 1.2749, Feb 26 high.

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