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Key Support Remains Exposed

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Bears Watch The Close Below 20-Day EMA

USDCAD TECHS
  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • PRICE: 1.3562 @ 15:58 BST Oct 26
  • SUP 1: 1.3508 Low Oct 26
  • SUP 2: 1.3503 Low Oct 4 and a key support
  • SUP 3: 1.3448 50-day EMA
  • SUP 4: 1.3358 Low Sep 21

USDCAD pierced the 20-day EMA support Tuesday, and is extending losses. Tuesday’s close is a bearish development and works against the broader uptrend. For now, the recovery from 1.3503, Oct 10 high, is reinforcing bullish conditions. Moving average studies also highlight an uptrend and 1.3838, Sep 30 high has been cleared. A clear break and close below the 20-day EMA would suggest scope for a pullback towards 1.3503, Oct 4 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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