Fresh Trend Low

• RES 4: 1.2864 50-day EMA
• RES 3: 1.2835 High Nov 11
• RES 2: 1.2792 High Jan 12
• RES 1: 1.2765 High Jan 15
• PRICE: 1.2739 @ 16:27 GMT Jan 15
• SUP 1: 1.2625 Low Jan 14
• SUP 2: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
• SUP 3: 1.2586 Low Apr 19, 2018
• SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD rallied throughout the Friday session, bouncing off a fresh trend low of 1.2625. The underlying downtrend remains in place with the focus on 1.2603 next, a Fibonacci projection. Moving average studies remain in a bear mode reinforcing current trending conditions. On the upside, initial resistance is seen at 1.2792, the high from Jan12. Key resistance though is located at 1.2835, Nov 11 high.