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Late Equity Roundup: Mildly Lower on Week

USDCAD TECHS

Remains Above The 50-Day EMA

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Consolidating But Remains Bearish

USDCAD TECHS
  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2814 High Jan 6 and a key resistance
  • RES 2: 1.2732 High Jan 7
  • RES 1: 1.2621 Low Dec 31 and 20-day EMA
  • PRICE: 1.2522 @ 06:37 GMT Jan 21
  • SUP 1: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 2: 1.2387 Low Nov 10
  • SUP 3: 1.2328 Low Oct 29
  • SUP 4: 1.2288 Low Oct 21 and a key support

USDCAD is consolidating. The outlook remains bearish and a recent head and shoulders reversal pattern continues to highlight this theme. The recent break of support at 1.2621, Dec 31 low has strengthened the case for bears and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would open 1.2387, the Nov 10 low. Initial resistance is at 1.2621, the Dec 31 low and 20-day EMA.

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