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Key Support Gives Way

USDCAD TECHS
  • RES 4: 1.3668 High Apr 28 and a key resistance
  • RES 3: 1.3585 High Jun 1
  • RES 2: 1.3487 50-day EMA
  • RES 1: 1.3443 20-day EMA
  • PRICE: 1.3287 @ 16:18 BST Jun 14
  • SUP 1: 1.3275 Low Jun 14 & Feb 14
  • SUP 2: 1.3271 1.0% 10-dma envelope
  • SUP 3: 1.3256 2.0% Lower Bollinger Band
  • SUP 4: 1.3137 2.0% 10-dma envelope

USDCAD printed a lower low Wednesday holding below support at the mid-April lows of 1.3302. This reinforces bearish conditions and a continuation lower would open 1.3275 - the Feb 14 low - and vol band support undercutting at 1.3271. Clearance here would further strengthen bearish conditions. On the upside, initial firm resistance is at 1.3443, the 20-day EMA. A break of this level is required to ease bearish pressure.

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