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Bearish Focus

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 2: 1.3185 50-day EMA
  • RES 1: 1.3173 High Nov 13
  • PRICE: 1.3065 @ 19:15 GMT Nov 19
  • SUP 1: 1.3034 Low Nov 18
  • SUP 2: 1.2985 Low Nov 10
  • SUP 3: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 4: 1.2857 Low Oct 4, 2018

USDCAD stalled on Nov 13 at 1.3173 and this level has been defined as a key short-term resistance. Recent gains have likely been a correction. The Nov 13 candle formation, a doji, highlights a bearish reversal. The pattern signals the end of the recent correction and if correct, suggests the downtrend is likely to resume once again. An extension lower would refocus attention on 1.2929, Nov 9 low and the bear trigger.

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