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Extends This Week’s Bear Cycle

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 1: 1.2735 20-day EMA
  • PRICE: 1.2617 @ 17:16 GMT Mar 18
  • SUP 1: 1.2587 Low Mar 3 and a near-term bear trigger
  • SUP 2: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 3: 1.2499 Low Jan 21
  • SUP 4: 1.2454 Low Jan 19 and a key support

USDCAD continues to weaken, extending the reversal from Tuesday’s 1.2871 high. The Mar 11 low of 1.2694 has been breached and this clear break signals potential for a deeper retracement that opens 1.2587 next, the Mar 3 low and a key near-term support. From a trend perspective, moving average studies still highlight a bull cycle. Clearance of 1.2901, Mar 8 high, is required though to highlight a resumption of the uptrend.

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

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