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Bearish Threat Remains Present

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3147 High Jul 15 / 3.0% Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2985 High Aug 5
  • PRICE: 1.2870 @ 15:28 BST Aug 9
  • SUP 1: 1.2818 Low Aug 4
  • SUP 2: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2596 2.0% 10-dma envelope

The USDCAD outlook remains bearish, despite last week’s recovery from 1.2767, Aug 1 low. The Jun 28 low, at 1.2819, has recently been pierced. A clear break would strengthen bearish conditions and open 1.2763, Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, the break last week of 1.2947, Jul 25 high, appeared to be a positive development. A breach of Friday’s 1.2985 high is required to strengthen the case for bulls.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3147 High Jul 15 / 3.0% Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2985 High Aug 5
  • PRICE: 1.2870 @ 15:28 BST Aug 9
  • SUP 1: 1.2818 Low Aug 4
  • SUP 2: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2596 2.0% 10-dma envelope

The USDCAD outlook remains bearish, despite last week’s recovery from 1.2767, Aug 1 low. The Jun 28 low, at 1.2819, has recently been pierced. A clear break would strengthen bearish conditions and open 1.2763, Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, the break last week of 1.2947, Jul 25 high, appeared to be a positive development. A breach of Friday’s 1.2985 high is required to strengthen the case for bulls.