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Bearish Outlook

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3201 3.0% High Jul 15 / Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2888/2947 20-day EMA / High Jul 25
  • PRICE: 1.2851 @ 17:11 BST Aug 2
  • SUP 1: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 2: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 3: 1.2597 2.0% 10-dma envelope
  • SUP 4: 1.2549 Low Jun 9

USDCAD maintains a bearish theme and Monday’s low print reinforces bearish conditions. A clear break of 1.2819, the Jun 28 low, would strengthen bearish conditions and extend the move below both the 20- and 50-day EMA values. This would open 1.2763, the Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, initial resistance to watch is at 1.2947, Jul 25 high. A break is required to ease the current bearish threat.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3201 3.0% High Jul 15 / Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2888/2947 20-day EMA / High Jul 25
  • PRICE: 1.2851 @ 17:11 BST Aug 2
  • SUP 1: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 2: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 3: 1.2597 2.0% 10-dma envelope
  • SUP 4: 1.2549 Low Jun 9

USDCAD maintains a bearish theme and Monday’s low print reinforces bearish conditions. A clear break of 1.2819, the Jun 28 low, would strengthen bearish conditions and extend the move below both the 20- and 50-day EMA values. This would open 1.2763, the Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, initial resistance to watch is at 1.2947, Jul 25 high. A break is required to ease the current bearish threat.