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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: 1.3462/3521 20-day EMA / High Jan 19
  • PRICE: 1.3377 @ 16:39 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 traded flat into the Monday close, with price action doing little to row back against the bearish threat evident in 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.

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

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