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Heading South

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3729 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3361/1.3481 High Nov 11 / 50-day EMA
  • PRICE: 1.3267 @ 15:16 GMT Nov 14
  • SUP 1: 1.3236 Low Nov 11
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD maintains a bearish theme. Last Thursday’s sell-off resulted in a new multi-month low, reinforcing a bearish theme and marking an extension of the bearish price sequence of lower lows and lower highs. This tilts the balance further in favour of bears. A continuation lower would open 1.3205, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3571, the Nov 10 high.

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  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3729 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3361/1.3481 High Nov 11 / 50-day EMA
  • PRICE: 1.3267 @ 15:16 GMT Nov 14
  • SUP 1: 1.3236 Low Nov 11
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD maintains a bearish theme. Last Thursday’s sell-off resulted in a new multi-month low, reinforcing a bearish theme and marking an extension of the bearish price sequence of lower lows and lower highs. This tilts the balance further in favour of bears. A continuation lower would open 1.3205, a Fibonacci retracement. On the upside, key short-term resistance has been defined at 1.3571, the Nov 10 high.