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Extends Recovery From Recent Lows

  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2876 High Dec 28
  • RES 2: 1.2826/35 50-day EMA / High Nov 11
  • RES 1: 1.2799 High Jan 18 and a key resistance
  • PRICE: 1.2776 @ 06:47 GMT Jan 26
  • SUP 1: 1.2688 Low Jan 25
  • SUP 2: 1.2590 Low Jan 21
  • SUP 3: 1.2586 Low Apr 19, 2018
  • SUP 4: 1.2579 1.0% 10-dma envelope

USDCAD hit new cycle lows last week at 1.2590, affirming further the underlying downtrend. The pair though has since recovered and is again firmer today. Attention turns to resistance at 1.2799, Jan 18 high where a break would signal scope for a stronger corrective recovery. 1.2590 has been defined as a key support, a break would resume the underlying downtrend. Initial support lies at 1.2688, Monday's low.

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