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Corrective Bounce

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.3027 2.0% 10-dma envelope
  • RES 2: 1.2991 50-day EMA
  • RES 1: 1.2957 High Dec 21
  • PRICE: 1.2859 @ 16:17 GMT Dec 21
  • SUP 1: 1.2777 Low Dec 21
  • SUP 2: 1.2688/77 Low Dec 15 / 76.4% of the 2017-20 uptrend
  • SUP 3: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 4: 1.2510 2.0% 10-dma envelope

USDCAD has started the week on a firmer note as price extends the bounce off last week's Dec 15 low of 1.2688. Trend conditions remain bearish and short-term gains are likely a correction that would allow an oversold condition to unwind. Stronger gains would signal scope for a near-term climb towards 1.2929, Nov 29 low and a recent breakout level. On the downside, clearance of 1.2688 would resume the downtrend.

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