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TECHS: Bearish Conditions Dominate

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30 and primary resistance
  • RES 3: 1.3341 High Oct 7
  • RES 2: 1.3246/59 50-day EMA / High Oct 15 and the bull trigger
  • RES 1: 1. 3197 20-day EMA
  • PRICE: 1.3151 @ 06:30 BST Oct 23
  • SUP 1: 1.3081 Low Oct 21 and the intraday bear trigger
  • SUP 2: 1.3047 Low Sep 7
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1 and the major support

USDCAD bearish conditions dominate despite the most recent bounce. The pair weakened through key support at 1.3099 this week, Oct 13 low. The move lower confirms a resumption of the current downtrend that started Sep 30. Moving average studies are bearish too, reinforcing the current climate. Scope exists for a move towards the major support at 1.2994, Sep 1 low. Key resistance has been defined at 1.3259, Oct 15 high.

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