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Key Support Remains Exposed

USDCAD TECHS
  • 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: 1.2593/2638 High Mar 28 / 20-day EMA
  • PRICE: 1.2523 @ 17:11 GMT Mar 29
  • 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

Trend conditions in USDCAD still appear bearish. The pair traded to a new cycle low on Mar 25. The 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 a continuation lower. The focus is on the next key support at 1.2451, Jan 19 low. On the upside, initial firm resistance is seen at 1.2635, the 20-day EMA. A break of this average would ease bearish pressure.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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