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Bearish Risk Reinstated

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3390 High Oct 29
  • RES 2: 1.3300 High Nov 4
  • RES 1: 1.31278 Intraday high
  • PRICE: 1.3074 @ 14:15 GMT Nov 5
  • SUP 1: 1.3053 Intraday low
  • SUP 2: 1.3047 Low Sep 7
  • SUP 3: 1.2994 Low Sep 1 and a key support
  • SUP 4: 1.2982 Low Dec 31, 2019 and primary support

USDCAD has continued to weaken today in line with general USD weakness. The pair has cleared a key short-term support at 1.3081, Oct 21 low, negating a recent bullish theme and instead highlighting a stronger bearish near-term risk. The break lower refocuses attention on the key supports at 1.2994, Sep 1 low and the Dec 31, 2019 low of 1.2952. Initial firm resistance is at 1.3300, yesterday's high.

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