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Clears Key Short-Term Support

USDCAD TECHS
  • RES 4: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 3: 1.4000 Psychological round number
  • RES 2: 1.3855/3977 High Oct 21 / 13 and the bull trigger
  • RES 1: 1.3606/3808 20-day EMA / High Nov 03
  • PRICE: 1.3481 @ 15:58 GMT Nov 9
  • SUP 1: 1.3388 Low Nov 8
  • SUP 2: 1.3352 50.0% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD traded sharply lower Tuesday and remains weak as price extends last Friday’s sell-off. Support at 1.3495, the 50-day EMA and 1.3496, the Oct 27 low, have been breached. A clear break of this price zone would strengthen a bearish threat and likely trigger an extension of the current bear cycle towards 1.3352 next, a Fibonacci retracement. On the upside, initial firm resistance has been defined at 1.3808, last Thursday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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