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Bearish Pullback Extends

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 2: 1.3695 High Mar 28
  • RES 1: 1.3668 High Apr 28 and key resistance
  • PRICE: 1.3453 @ 16:43 BST Jun 1
  • SUP 1: 1.3451 Low Jun 1
  • SUP 2: 1.3404 Low May 16
  • SUP 3: 1.3363/15 Low May 11 / 8
  • SUP 4: 1.3302 Low Apr 14 and a key near-term support

USDCAD traded lower again Thursday as it extends the reversal from the May 26 high of 1.3655. The move lower is considered corrective, however, price has traded through the 20- and 50-day EMAs and this signals scope for a deeper pullback. The next support to watch is 1.3404, the May 16 low. A break of this level would highlight a stronger reversal. On the upside, key resistance and the bull trigger is at 1.3668, the Apr 28 high.

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