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Consolidation Mode

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: 1.2621/2646 Low Dec 31 / 20-day EMA
  • PRICE: 1.2506 @ 06:51 GMT Jan 19
  • SUP 1: 1.2454/48 Low Dec 13 / 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. Bears remain in control though and a recent head and shoulders reversal pattern continues to highlight a bearish threat. The break of support at 1.2621, Dec 31 low has strengthened a bearish case 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. A firmer short-term resistance is at 1.2646, the 20-day EMA.

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