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Corrective Pullback

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2949 High Aug 20 and the bull trigger
  • RES 1: 1.2796/2896 High Sep 23 / High Sep 20
  • PRICE: 1.2647 @ 16:45 BST Sep 27
  • SUP 1: 1.2609 50-day EMA
  • SUP 2: 1.2583 Low Sep 10
  • SUP 3: 1.2494 Low Sep 3 and the bear trigger
  • SUP 4: 1.2422 Jul 30 low and a key support

USDCAD traded lower last week and has moved further away from its recent Sep 20 high of 1.2896. A bullish price structure remains intact though and the move lower is considered corrective. Support at the 50-day EMA intersects at 1.2609, a clear breach of this average would signal scope for a deeper pullback. For bulls, a reversal higher and a resumption of gains would again refocus attention on the key resistance at 1.2949, Aug 20 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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