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- RES 4: 1.2419 High Apr 27
- RES 3: 1.2388 20-day EMA
- RES 2: 1.2351 High May 4 and a key near-term resistance
- RES 1: 1.2288 High May 7
- PRICE: 1.2151 @ 18:26 BST May 7
- SUP 1: 1.2143 Low May 7
- SUP 2: 1.2129 1.50 proj of the Jan 28 - Feb 25 - Feb 26 price swing
- SUP 3: 1.2070 2.0% 10-dma envelope
- SUP 4: 1.2062 Low Sep 2017 and a major support
USDCAD has been in a clear downtrend since the reversal off 1.4668 on Mar 19, 2020. The rejection at 1.4668 meant that the major resistance at 1.4690, the Jan 2016 high remained intact. The USD remains in a clear downtrend. However, the pair is approaching a major support at 1.2062 that will potentially either reinforce the current medium-term bear leg if breached or lead to a reversal if the support manages to contain CAD strength.