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Ebbing to New Multiweek Lows

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: 1.2834/ 2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2708 High Aug 27
  • PRICE: 1.2560 @ 17:16 BST Sep 2
  • SUP 1: 1.2552 Low Sep 2
  • SUP 2: 1.2536 50-day EMA
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2303 Low Jul 6

USDCAD ebbed lower into the close, touching the lowest level since mid-August. This keeps the near-term outlook bearish. Activity on Aug 20 was a bearish reversal shooting star candle. The Aug 23 sell-off and particularly the weak close, reinforced the candle pattern highlighting a short-term bearish theme. Attention remains on 1.2536, the 50-day EMA and a key support. A clear break of the EMA would strengthen the current bearish theme. Key resistance is at 1.2949.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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