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Pierces Support

  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3446/3521 20-day EMA / High Jan 19
  • PRICE: 1.3350 @ 14:52 GMT Jan 26
  • SUP 1: 1.3304 Intraday low
  • SUP 2: 1.3226 Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing

USDCAD bearish trend conditions have been reinforced. The move lower today has resulted in a print below initial support at 1.3322, the Jan 13 low. A clear break of this level would signal scope for 1.3226, the Nov 13 low and the bear trigger. Moving average studies are in a bear mode position, highlighting a downtrend. On the upside, the pair needs to clear 1.3521 to signal a reversal.

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