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(N2) Eyeing Resistance


Preliminary PMIs in focus

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Bearish Outlook

  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2814 High Jan 6 and a key resistance
  • RES 2: 1.2732 High Jan 7
  • RES 1: 1.2621/2633 Low Dec 31 / 20-day EMA
  • PRICE: 1.2488 @ 06:44 GMT Jan 20
  • SUP 1: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 2: 1.2387 Low Nov 10
  • SUP 3: 1.2328 Low Oct 29
  • SUP 4: 1.2288 Low Oct 21 and a key support

USDCAD is consolidating. The outlook remains bearish though and a recent head and shoulders reversal pattern continues to highlight this risk. The break of support at 1.2621, Dec 31 low has strengthened the case for bears and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would open 1.2387, the Nov 10 low. Initial resistance is at 1.2621. A firmer short-term resistance is at 1.2633, the 20-day EMA.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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