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Fades Off Recent Highs

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3700 High Dec 7
  • PRICE: 1.3546 @ 16:47 GMT Dec 13
  • SUP 1: 1.3493/3385 Former trendline resistance / Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD faded off recent highs Tuesday, bringing former trendline resistance and the Dec 5 low at 1.3493/3385 into view. The moves follow a broader period of consolidation and work against the more bullish short-term outlook. A break below former-trendline resistance drawn off the Oct 13 high would flip the outlook more negative, intersecting at 1.3493. For any return higher, attention is on 1.3751, the Nov 4 high.

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

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