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Bearish Threat

USDCAD TECHS
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.32470/3521 20-day EMA / High Jan 19
  • PRICE: 1.3360 @ 08:07 GMT Jan 23
  • SUP 1: 1.3351 Low Jan 18
  • SUP 2: 1.3317 Low Nov 24 / 25
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD is trading lower today and is starting the week on a softer note, following the pullback from 1.3521 last week, the Jan 19 high. A continuation lower would expose support at 1.3322, the Jan 13 low, where a break would signal scope for an extension towards 1.3226, the Nov 13 low and a bear trigger. On the upside, price needs to break above 1.3521 to highlight scope for a stronger bounce.

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