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Bears Still in Control

USDCAD TECHS
  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2845/81 High Feb 4 / High Jan 28
  • RES 2: 1.2763/78 High Jan 12 / 50-day EMA
  • RES 1: 1.2746 High Feb 17
  • PRICE: 1.2530 @ 17:20 GMT Feb 24
  • SUP 1: 1.2480 Downtrendline Drawn Off Sep 2020 Low
  • SUP 2: 1.2451 Low Feb 16, 2018 Low
  • SUP 3: 1.2393 2.0% 10-dma envelope
  • SUP 4: 1.2251 2018 Low

After finding some support last week, bears have regained control in the pair, pressuring prices to new cycle lows. This exposes downtrendline resistance drawn off the September 2020 low - a break through which would open further weakness toward the lows of 2018 at 1.2251. To arrest the decline, bulls need to retake the 50-dma at 1.2735.

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