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Fresh Bear Cycle Low

  • RES 4: 1.3091 High Nov 24 2020
  • RES 3: 1.3077 High May 16 and the bull trigger
  • RES 2: 1.2982 High May 16
  • RES 1: 1.2896 High May 18
  • PRICE: 1.2728 @ 22:14 BST May 29
  • SUP 1: 1.2719 Low May 27
  • SUP 2: 1.2714 Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD traded lower Friday and has breached support at 1.2765, May 24 low. This also means that the pair is below its 50-day EMA. An extension lower would open the next key short-term support at 1.2714, May 5 low. The latest bear leg is still considered corrective and the broader trend outlook is bullish. Initial resistance is at 1.2896, May 18 high. A break would signal a potential bullish reversal.

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