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Key Support Remains Exposed

  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 2: 1.2778 High Mar 16
  • RES 1: 1.2553/2651 High Mar 25 / 20-day EMA
  • PRICE: 1.2498 @ 07:01 GMT Mar 28
  • SUP 1: 1.2466 Low Mar 25
  • SUP 2: 1.2454 Low Jan 19 and a key support
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

USDCAD traded to a new cycle low Friday. Last week’s move lower and most recently, a break of 1.2552, 76.4% of the Jan 19 - Feb 24 rally, reinforces a bearish theme and signals scope for an extension lower. The focus is on the next key support at 1.2451, the Jan 19 low. On the upside, initial firm resistance is seen at 1.2651, the 20-day EMA. A break of this average would ease current bearish pressure.

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