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Heading South

USDCAD TECHS
  • RES 4: 1.3091 High Nov 24
  • RES 3: 1.3028 20-day EMA
  • RES 2: 1.3009 High Dec 1
  • RES 1: 1.2941 High Dec 3
  • PRICE: 1.2862 @ 11:23 GMT Dec 4
  • SUP 1: 1.2821 0.764 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 2: 1.2800 Low Oct 2, 2018
  • SUP 3: 1.2821 0.764 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 4: 1.2712 1.00 proj of Oct 29 - Nov 9 sell-off from Nov 13 high

USDCAD remains vulnerable and continues to weaken. This week's break of support at 1.2929, Nov 9 low confirmed a resumption of the underlying downtrend and maintains the bearish price sequence of lower lows and lower highs. Furthermore, moving average studies are in a bear mode, reinforcing current conditions. The focus is on 1.2821 next, a Fibonacci projection. Initial resistance is at 1.2941, yesterday's high.

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