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Fresh Trend Low

USDCAD TECHS
  • RES 4: 1.2856 50-day EMA
  • RES 3: 1.2836 upper 1.0% 10-DMA envelope
  • RES 2: 1.2835 High Nov 11
  • RES 1: 1.2792 High Jan 12
  • PRICE: 1.2784 @ 05:22 GMT Jan 18
  • 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 at1.2835, Nov 11 high.

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