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Corrective Bounce

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2814 High Jan 6 and a key near-term resistance
  • RES 1: 1.2621/2687 Low Dec 31 / 20-day EMA
  • PRICE: 1.2547 @ 07:01 GMT Jan 17
  • SUP 1: 1.2454 Low Dec 13
  • SUP 2: 1.2448 76.4% retracement of the Oct - Dec rally
  • SUP 3: 1.2387 Low Nov 10
  • SUP 4: 1.2328 Low Oct 29

USDCAD bears remain in control and short-term gains are considered corrective. Last week’s break of a key support at 1.2621, the Dec 31 low strengthened a bearish case and has opened 1.2448, 76.4% of the Oct - Dec rally. A move through this chart point would signal scope for an extension lower and open 1.2387, the Nov 10 low. Initial resistance is at 1.2621. A firmer short-term resistance is at 1.2675, the 20-day EMA.

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