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Bearish Threat

USDCAD TECHS
  • RES 4: 1.2783 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 2: 1.2699 High Mar 17
  • RES 1: 1.2646/76 High Apr 19 / High Apr 13 and a bull trigger
  • PRICE: 1.2489 @ 16:23 BST Apr 20
  • SUP 1: 1.2482 Low Apr 20
  • SUP 2: 1.2479 Low Apr 6
  • SUP 3: 1.2460/2403 1.0% 10-dma envelope / Low Apr 5
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD remains below last week's high of 1.2676 (Apr 13). The recent move lower does threaten a bullish theme and highlights the fact that price has so far failed to remain above the 50-day EMA, which intersects at 1.2624 today. Note that the Apr 13 session appears to be a bearish engulfing candle. If correct, it highlights a reversal. The focus is on 1.2479, Apr 6 low. On the upside, clearance of 1.2676 would be bullish.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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