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Off Recent Lows

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/ 2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2720 38.2% of the Aug 20 - 24 sell-off
  • PRICE: 1.2681 @ 06:32 BST Aug 27
  • SUP 1: 1.2579 Low Aug 24
  • SUP 2: 1.2522 50-day EMA
  • SUP 3: 1.2422 Jul 30 low
  • SUP 4: 1.2303 Low Jul 6

USDCAD traded sharply lower Monday and maintains a bearish short-term tone. However, the pair did find support Thursday and is off recent lows. From a pattern perspective, activity on Aug 20 was a bearish shooting star candle. Monday's sell-off and particularly the weak close, reinforced this pattern and highlights a short-term bearish theme. Attention is on 1.2522, the 50-day EMA - a key support. Key resistance has been defined at 1.2949.

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