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Fresh Trend Low

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.2927/57 50-day EMA / High Dec 21
  • RES 2: 1.2880 High Dec 24
  • RES 1: 1.2818 20-day EMA
  • PRICE: 1.2750 @ 06:34 GMT Jan 5
  • SUP 1: 1.2665 Low Jan 4
  • SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 3: 1.2566 2.0% 10-dma envelope
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD traded lower Monday registering a low print of 1.2665 before recovering. The break of 1.2688, Dec 15 low confirms a resumption of the downtrend that has been in place since the reversal in March 2020. The focus is on weakness towards 1.2603 next, a Fibonacci projection. Note that recently we had focused on the potential for a stronger corrective bounce. This has been placed on hold. Resistance is at 1.2818, the 20-day EMA.

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