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Eyeing Key Support

USDCAD TECHS
  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 2: 1.2778 High Mar 16
  • RES 1: 1.2669 20-day EMA
  • PRICE: 1.2541 @ 07:57 GMT Mar 25
  • SUP 1: 1.2510 Low Mar 24
  • SUP 2: 1.2499 Low Jan 21
  • SUP 3: 1.2454 Low Jan 19 and a key support
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD traded to a new cycle low Thursday. This week’s move lower and most recently, a break of 1.2552, the 76.4% retracement of the Jan 19 - Feb 24 rally, reinforces a bearish theme and signals scope for an extension lower. The focus is on the Jan 21 low of 1.2499 and 1.2451, the Jan 19 low. On the upside, initial firm resistance is seen at 1.2669, the 20-day EMA. A break of this average would ease current bearish pressure.

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  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 2: 1.2778 High Mar 16
  • RES 1: 1.2669 20-day EMA
  • PRICE: 1.2541 @ 07:57 GMT Mar 25
  • SUP 1: 1.2510 Low Mar 24
  • SUP 2: 1.2499 Low Jan 21
  • SUP 3: 1.2454 Low Jan 19 and a key support
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD traded to a new cycle low Thursday. This week’s move lower and most recently, a break of 1.2552, the 76.4% retracement of the Jan 19 - Feb 24 rally, reinforces a bearish theme and signals scope for an extension lower. The focus is on the Jan 21 low of 1.2499 and 1.2451, the Jan 19 low. On the upside, initial firm resistance is seen at 1.2669, the 20-day EMA. A break of this average would ease current bearish pressure.