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Heading South

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3668 High Apr 28 and key resistance
  • RES 2: 1.3537/3640 50-day EMA / High May 3
  • RES 1: 1.3473 Low Apr 21
  • PRICE: 1.3329 @ 14:37 BST May 8
  • SUP 1: 1.3315 Intraday low
  • SUP 2: 1.3302 Low Apr 14 and a key near-term support
  • SUP 3: 1.3275 Low Feb 14
  • SUP 4: 1.3262 Low Feb 2

USDCAD remains soft following last week’s sell-off and bearish acceleration on Friday. Price has breached both the 20- and 50-day EMAs and this suggests scope for a deeper retracement. Sights are on 1.3302, the Apr 14 low where a break would strengthen bearish conditions and open 1.3275, the Feb 14 low. On the upside, initial firm resistance is seen at 1.3537, the 50-day EMA.

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