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Pierces Key Support

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14
  • RES 3: 1.3171/96 3.0% Upper Boll Band / 2.0% 10-dma envelope
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.2914/47 20-day EMA / High Jul 25
  • PRICE: 1.2815@ 08:10 BST Jul 28
  • SUP 1: 1.2788 61.8% retracement of the Jun 8 - Jul 14 upleg
  • SUP 2: 1.2763 Low Jun 13
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2664 2.0% 10-dma envelope

USDCAD remains vulnerable and the pair has traded lower again today. 1.2819, the Jun 28 low and the next key support, has been pierced. A clear break of this level would strengthen bearish conditions and confirm a clear break of both the 20- and 50-day EMA values. This would open 1.2763, the Jun 13 low. On the upside, initial resistance to watch is currently at 1.2947, Jul 25 high. A break would ease the current bearish threat.

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