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Exposes March Low

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and key resistance
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2653 High Apr 21 and the bull trigger
  • RES 1: 1.2541 20-day EMA
  • PRICE: 1.2395 @ 16:45 BST Apr 26
  • SUP 1: 1.2384 Low Apr 26
  • SUP 2: 1.2365 Low Mar 18 and the bear trigger
  • SUP 3: 1.2280 2.0% 10-dma envelope
  • SUP 4: 1.2251 Low Jan 31 2018

USDCAD fell further Monday, narrowing the gap with key support at the March 18th low of 1.2365, which represents the current bear trigger. Support at 1.2433, 76.4% of the rally between Mar 18 - Apr 21, gave way, strengthening the outlook for bears. Initial resistance is at 1.2541, the 20-day EMA. For bulls, clearance of 1.2653 is needed to signal a bullish reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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