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Gains Considered Corrective

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4
  • RES 3: 1.3214 61.8% retracement of the Oct 29 - Nov 9 sell-off
  • RES 2: 1.3198 50-day EMA
  • RES 1: 1.3178 High Nov 5
  • PRICE: 1.3161 @ 06:20 GMT Nov 13
  • SUP 1: 1.3056 Low Nov 12
  • SUP 2: 1.2929/17 Low Nov 9 / Low Oct 16, 2018
  • SUP 3: 1.2853 2.0% 10-dma envelope
  • SUP 4: 1.2857 Low Oct 4, 2018

USDCAD has recovered from recent lows. The move higher though is considered a correction. The broader outlook is bearish following the break lower on Nov 9, hitting the lowest level since mid-2018 in the process. Various levels of support, most notably 1.2952, the Dec 2019 low gave way this week. This reinforces the bearish theme and opens 1.2917 and 1.2857, Oct 16 and Oct 4, 2018 lows respectively. Firm resistance is seen at 1.3214.

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