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- RES 4: 1.2648 High Oct 6
- RES 3: 1.2518 50-day EMA
- RES 2: 1.2494 Low Sep 3 and a recent breakout level
- RES 1: 1.2448 20-day EMA
- PRICE: 1.2338 @ 16:31 BST Oct 28
- SUP 1: 1.2288 Low Oct 21
- SUP 2: 1.2253 Low Jun 23
- SUP 3: 1.2229 76.4% retracement of the Jun - Aug rally
- SUP 4: 1.2157 Low Jun 16
USDCAD continues to consolidate and recent price action appears to be a bear flag. If correct, this reinforces current bearish conditions. A bearish theme follows the recent break of the Jul 30 low of 1.2422 that has opened 1.2253 next, the Jun 23 low. Note too that moving average conditions remain in a bear mode, reinforcing current trend conditions. Initial firm resistance is seen at 1.2494, Sep 3 low. A break would ease bearish pressure.