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Breaches Support

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 1: 1.2747 20-day EMA
  • PRICE: 1.2637 @ 17:56 GMT Mar 17
  • SUP 1: 1.2630 Low Mar 17
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD failed to hold onto Tuesday’s gains and the pair traded lower Wednesday. The Mar 11 low of 1.2694 has been breached and the clear break of this level signals potential for a deeper retracement and opens 1.2587, the Mar 3 low. This represents a key near-term support. From a trend perspective, moving averages still highlight a bull cycle. Clearance of 1.2901, Mar 8 high, would signal a resumption of the uptrend.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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