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Bearish Price Structure

USDCAD TECHS
  • RES 4: 1.2491 High Apr 26
  • RES 3: 1.2419 High Apr 27
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2203/2288 High May 13 / High May 6
  • PRICE: 1.2125 @ 07:04 BST May 17
  • SUP 1: 1.2046 Low May 12
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1931 2.0% 10-dma envelope
  • SUP 4: 1.1920 Low May 2015

USDCAD remains bearish. Last week's key technical development was the test of the major support at 1.2062, Sep 2017 low. This represents an important pivot chart point that either represents the base of a broad range or the midpoint of a double top reversal pattern. A clear break lower would reinforce the current downtrend and open 1.2000 and below. Initial firm resistance is at 1.2203, May 13 high.

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