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Bearish Focus

USDCAD TECHS
  • RES 4: 1.2934 High Dec 22
  • RES 3: 1.2855 50-day EMA
  • RES 2: 1.2835 High Nov 11 and a key resistance
  • RES 1: 1.2799 High Jan 18
  • PRICE: 1.2727 @ 06:45 GMT Jan 19
  • SUP 1: 1.2625 Low Jan 14
  • SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 3: 1.2586 Low Apr 19, 2018
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD continues to trade above the recent trend low print of 1.2625 from Jan 14. The underlying downtrend remains in place though with the focus on 1.2603 next, a Fibonacci projection. Moving average studies are in a bear mode reinforcing current trending conditions. On the upside, near-term resistance is located at 1.2835, Jan 11 high. A break would signal a short-term reversal and the start of a correction.

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