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Pressure Builds

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2878 High Feb 24 and a key near-term resistance
  • RES 1: 1.2750 High Mar 1
  • PRICE: 1.2670 @ 17:09 GMT Mar 3
  • SUP 1: 1.2587 Low Mar 3
  • SUP 2: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 3: 1.2499 Low Jan 21
  • SUP 4: 1.2451 LowJan 19 and a key support

USDCAD traded sharply lower Wednesday and slipped further still to touch 1.2587 in Thursday trade. This marks an extension of the recent reversal from 1.2878, Feb 24 high and signals potential for a deeper retracement of the recent Jan 19 - Feb 24 upleg. The pair has breached 61.8% of this bull cycle and attention is on 1.2552, the 76.4% retracement. Initial resistance is seen at Tuesday’s 1.2750 high.

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