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Gains Considered Corrective

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3202 50-day EMA
  • RES 2: 1.3178 High Nov 5
  • RES 1: 1.3143 20-day EMA
  • PRICE: 1.3097 @ 06:48 GMT Nov 12
  • SUP 1: 1.2985 Low Nov 10
  • SUP 2: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 3: 1.2871 2.0% 10-dma envelope
  • SUP 4: 1.2857 Low Oct 4, 2018

USDCAD is recovering off recent lows. The move higher though is considered a correction. The broader outlook is bearish following Monday's break lower, hitting the lowest level since mid-2018 in the process. Various levels of support, most notably 1.2952, the Dec 2019 low gave way Monday. This reinforces the bearish theme and opens 1.2917 and 1.2857, Oct 16 and Oct 4, 2018 lows respectively. The next resistance is at 1.3143, 20-day EMA.

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