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Bears Remains In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 3: 1.3777 High Nov 16
  • RES 2: 1.3712 High Nov 24
  • RES 1: 1.3619 High Dec 7 and 12 and key short-term resistance
  • PRICE: 1.3476 @ 08:01 GMT Dec 14
  • SUP 1: 1.3457 Low Dec 4 and the bear trigger
  • SUP 2: 1.3417 Low Sep 29
  • SUP 3: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3381 Low Sep 19 and a key support

The USDCAD trend outlook is bearish and the recent recovery has been a correction. The pair is trading lower today and has breached support and the bear trigger at 1.3480, the Dec 4 low. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.3417, the Sep 29 low. On the upside, key short-term resistance has been defined at 1.3619, the Dec 7 / 12 high.

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