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Monitoring The Bear Flag

USDCAD TECHS
  • RES 4: 1.2648 High Oct 6
  • RES 3: 1.2501 50-day EMA
  • RES 2: 1.2494 Low Sep 3 and a recent breakout level
  • RES 1: 1.2432 High Oct 27
  • PRICE: 1.2396 @ 06:33 GMT Nov 2
  • SUP 1: 1.2288 Low Oct 21 and the bear trigger
  • SUP 2: 1.2253 Low Jun 23
  • SUP 3: 1.2229 76.4% retracement of the Jun - Aug rally
  • SUP 4: 1.2157 Low Jun 16

USDCAD remains in a range and continues to consolidate. Recent activity still appears to be a bear flag. If correct, this pattern reinforces current bearish conditions signalling scope for a break lower near-term. A bearish theme follows the recent break of the Jul 30 low of 1.2422 that has opened 1.2253 next, the Jun 23 low. Moving Average conditions remain in a bear mode. Initial firm resistance is seen at 1.2494, Sep 3 low.

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