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Bouncing Well Above Trend Lows

USDCAD TECHS
  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2876 High Dec 28
  • RES 2: 1.2826/35 50-day EMA / High Nov 11
  • RES 1: 1.2823 High Jan 27 and a key resistance
  • PRICE: 1.2805 @ 20:32 GMT Jan 27
  • SUP 1: 1.2635 Low Jan 22
  • SUP 2: 1.2590 Low Jan 21
  • SUP 3: 1.2586 Low Apr 19, 2018
  • SUP 4: 1.257. 1.0% 10-dma envelope

USD/CAD extended the corrective bounce after hitting new cycle lows last week at 1.2590, but the underlying downtrend remains. Attention is on resistance at 1.2823, where a break would signal scope for a stronger corrective recovery. 1.2590 has been defined as a key support, Jan 21 low. A break would resume the underlying downtrend. Initial support lies at 1.2635, Jan 22 low.

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