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Bearish Outlook Pauses

USDCAD TECHS
  • RES 4: 1.3862 High Mar 10 and a key resistance
  • RES 3: 1.3857 2.0% 10-dma envelope
  • RES 2: 1.3805 High Mar 24
  • RES 1: 1.3786 High Oct 5
  • PRICE: 1.3579 @ 16:59 BST Oct 9
  • SUP 1: 1.3569 Low Oct 10
  • SUP 2: 1.3514 50-day EMA
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3381 Low Sep 19 and a key support

USDCAD traded higher last week, but has faded since, putting the pair lower into early Tuesday trade. Last week, price breached key resistance at 1.3695, the Sep 7 high. This highlights a bullish theme and a reversal of the recent bearish phase. The break also confirms a resumption of the uptrend that started mid-July. Trendline resistance - at 1.3699 and drawn from the Oct 13 ‘22 high, has also been cleared and is a bullish development. Support is at 1.3514, the 50-day EMA.

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