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New Cycle Lows

USDCAD TECHS
  • RES 4: 1.2842 50-day EMA
  • RES 3: 1.2835 High Nov 11
  • RES 2: 1.2799 High Jan 18 and a key resistance
  • RES 1: 1.2738 20-day EMA
  • PRICE: 1.2646 @ 17:22 GMT Jan 21
  • SUP 1: 1.2590 Low Jan 21
  • SUP 2: 1.2586 Low Apr 19, 2018
  • SUP 3: 1.2577 1.0% 10-dma envelope
  • SUP 4: 1.2536 1.382 proj of Oct 29 - Nov 9 downleg from Nov 13 high

USDCAD hit new cycle lows down at 1.2590 Thursday, affirming further the underlying downtrend with the pair crossing below support at 1.2603, a Fibonacci projection. Moving average studies are in a bear mode and further weakness is likely with scope for a move to 1.2586, the Apr 19, 2018 low. Firm resistance is located at 1.2799, Jan 18 high. A break of this hurdle is required to signal a short-term reversal and the start of a correction.

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