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Bearish Threat

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3748 High Oct 25
  • PRICE: 1.3608 @ 15:23 GMT Nov 2
  • SUP 1: 1.3496 Low Oct 27
  • SUP 2: 1.3480 50-day EMA
  • SUP 3: 1.3358 Low Sep 21
  • SUP 4: 1.3227 Low Sep 20

USDCAD is unchanged. A bearish tone remains intact following the pullback from 1.3977, the Oct 13 high. Support at 1.3503, Oct 4 high, has been pierced and this strengthens a bearish case that has exposed the 50-day EMA at 1.3480. A clear break of these two chart points (a key support zone) would signal scope for a deeper pullback. The broader trend direction is up and the move lower is considered corrective. Initial firm resistance is 1.3855, Oct 21 high. A break would be a positive development for bulls.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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