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Clears 2019 Low

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3224 50-day EMA
  • RES 2: 1.3178 High Nov 5
  • RES 1: 1.3097 High Nov 6
  • PRICE: 1.2962 @ 17:40 GMT Nov 9
  • SUP 1: 1.2929 Low Nov 9
  • SUP 2: 1.2907 2.0% 10-dma envelope
  • SUP 3: 1.2783 Low Oct 1 2018
  • SUP 4: 1.2677 76.4% 2017 - 2020 Rally

Markets fell solidly through the Dec 31 2019 lows, hitting the lowest level since mid-2018 in the process. Various levels of support, most notably 1.2952, gave way Monday. This keeps the downside argument intact, and opens 1.2783, the October 2018 low, as the medium-term target, should initial support at 1.2901 fail to support.

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