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Fresh Lows Still Likely

  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.3009 High Dec 1
  • RES 2: 1.2929 Low Nov 29 and recent breakout level
  • RES 1: 1.2874 High Dec 4
  • PRICE: 1.2793 @ 06:27 GMT Dec 9
  • SUP 1: 1.2768 Low Dec 8
  • SUP 2: 1.2712 1.00 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 3: 1.2677/55 76.4% of 2017-20 uptrend / 2.0% 10-dma envelope
  • SUP 4: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD is consolidating but remains weak. Last week's sharp losses continue to weigh on the pair and technical conditions suggest the downtrend has further to go. Price maintains the bearish sequence of lower lows and lower highs and moving average studies remain in a bear mode. The focus is on 1.2712 next, a downside Fibonacci projection. Resistance is seen at 1.2929, Nov 29 low.

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