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New Cycle Lows

USDCAD TECHS
  • RES 4: 1.2700 High Mar 8
  • RES 3: 1.2653 High Apr 21 and the bull trigger
  • RES 2: 1.2491/96 High Apr 26 / 20-day EMA
  • RES 1: 1.2419 High Apr 27
  • PRICE: 1.2304 @ 06:56 BST Apr 29
  • SUP 1: 1.2288 Intraday low
  • SUP 2: 1.2251/29 Low Jan 31 2018 / 2.0% 10-dma envelope
  • SUP 3: 1.2239 1.236 proj of the Jan 28 - Feb 25 - Feb 26 price swing
  • SUP 4: 1.2178 1.382 proj of the Jan 28 - Feb 25 - Feb 26 price swing

USDCAD maintains a softer tone and has traded lower hitting new cycle lows this week. The break of 1.2365, Mar 18 low confirms a resumption of the underlying downtrend that has been in place since March 2020. MA studies remain in a bear mode reinforcing current trend conditions. The focus is on 1.2239, a Fibonacci projection. On the upside, initial resistance is 1.2419, Apr 27 high.

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