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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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Correction Higher Still Likely

  • RES 4: 1.3347 High Aug 12
  • RES 3: 1.3301 50-day EMA
  • RES 2: 1.3274 Aug 14 high
  • RES 1: 1.3259 High Sep 9
  • PRICE: 1.3178 @ 17:05 BST Sep 11
  • SUP 1: 1.3087/38 Low Sep 8 / Low Sep 2
  • SUP 2: 1.2994/76 Low Sep 1 and the bear trigger / Low Jan 8
  • SUP 3: 1.2957 Low Jan 7
  • SUP 4: 1.2952 Low Dec 31, 2019 and a major support

The USDCAD outlook remains bearish however for now the pair is in a corrective cycle. Last week's move higher through 1.3200 signals scope for a stronger S/T bounce towards 1.3301, the 50-day EMA and a key resistance area. On the downside, the initial firm support has been defined at 1.3038, Sep 2 low. The key support however lies at 1.2994, Sep 1 low and 1.2976, Jan 8 low. A clear breach of this zone would resume the downtrend.

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