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Outlook Remains Bearish

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3169 High Jul 15 / 3.0% Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2892/2947 High Aug 3 / High Jul 25
  • PRICE: 1.2860 @ 21:03 BST Aug 4
  • SUP 1: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 2: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 3: 1.2594 2.0% 10-dma envelope
  • SUP 4: 1.2549 Low Jun 9

USDCAD maintains a bearish theme and Monday’s low print reinforces current conditions. Short-term gains are still considered corrective. 1.2819, the Jun 28 low, has been pierced. A clear break would strengthen bearish conditions and this would open 1.2763, the Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, initial firm resistance to watch is 1.2947, Jul 25 high. A break is required to ease the current bearish threat.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135/3169 High Jul 15 / 3.0% Upper Bollinger Band
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2892/2947 High Aug 3 / High Jul 25
  • PRICE: 1.2860 @ 21:03 BST Aug 4
  • SUP 1: 1.2767/63 Low Aug 01 / Low Jun 13
  • SUP 2: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 3: 1.2594 2.0% 10-dma envelope
  • SUP 4: 1.2549 Low Jun 9

USDCAD maintains a bearish theme and Monday’s low print reinforces current conditions. Short-term gains are still considered corrective. 1.2819, the Jun 28 low, has been pierced. A clear break would strengthen bearish conditions and this would open 1.2763, the Jun 13 low and 1.2685, a Fibonacci retracement. On the upside, initial firm resistance to watch is 1.2947, Jul 25 high. A break is required to ease the current bearish threat.