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Bearish Extension

USDCAD TECHS
  • RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3668 High Apr 28 and key resistance
  • RES 1: 1.3516/85 20-day EMA / High Jun 1
  • PRICE: 1.3403 @ 07:59 BST Jun 6
  • SUP 1: 1.3397 Intraday low
  • SUP 2: 1.3363 Low May 11
  • SUP 3: 1.3315 Low May 8
  • SUP 4: 1.3302 Low Apr 14 and a key near-term support

USDCAD maintains a softer tone following the reversal from the May 26 high of 1.3655. Price is trading lower today. The impulsive nature of the latest sell-off signals scope for a deeper pullback and the next support to watch is 1.3404, the May 16 low. This level has been pierced, a clear break would expose 1.3315, the May 8 low and a key support point. On the upside, initial resistance is at 1.3516, the 20-day EMA.

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