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Cracks Last Week’s Low

USDCAD TECHS
  • RES 4: 1.2699 High Mar 17
  • RES 3: 1.2642 50-day EMA
  • RES 2: 1.2583/93 20-day EMA / High Mar 28
  • RES 1: 1.2540 High Apr 1
  • PRICE: 1.2457 @ 17:35 BST Apr 5
  • SUP 1: 1.2389 1.0% 10-dma envelope
  • SUP 2: 1.2387 Low Nov 10 2021
  • SUP 3: 1.2328 Low Oct 29 2021
  • SUP 4: 1.2301 Low Oct 27 2021

USDCAD weakened Tuesday and this has resulted in a break of last week’s 1.2430 low, on Mar 30. This confirms a resumption of the current bear cycle and marks an extension of a bearish price sequence of lower lows and lower highs. Moving average conditions are in a bear mode too, highlighting current sentiment. The focus is on 1.2389, the lower band of a MA envelope. Firm short-term resistance has been defined at 1.2540/83.

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  • RES 4: 1.2699 High Mar 17
  • RES 3: 1.2642 50-day EMA
  • RES 2: 1.2583/93 20-day EMA / High Mar 28
  • RES 1: 1.2540 High Apr 1
  • PRICE: 1.2457 @ 17:35 BST Apr 5
  • SUP 1: 1.2389 1.0% 10-dma envelope
  • SUP 2: 1.2387 Low Nov 10 2021
  • SUP 3: 1.2328 Low Oct 29 2021
  • SUP 4: 1.2301 Low Oct 27 2021

USDCAD weakened Tuesday and this has resulted in a break of last week’s 1.2430 low, on Mar 30. This confirms a resumption of the current bear cycle and marks an extension of a bearish price sequence of lower lows and lower highs. Moving average conditions are in a bear mode too, highlighting current sentiment. The focus is on 1.2389, the lower band of a MA envelope. Firm short-term resistance has been defined at 1.2540/83.