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Probes Support

  • RES 4: 1.2957 High Dec 21 and key resistance
  • RES 3: 1.2915 High Dec 23
  • RES 2: 1.2881 High Jan 28
  • RES 1: 1.2803 50-day EMA
  • PRICE: 1.2687 @ 06:27 GMT Feb 11
  • SUP 1: 1.2668 Low Feb 10
  • SUP 2: 1.2635 Low Jan 22
  • SUP 3: 1.2590 Low Jan 21 and major support
  • SUP 4: 1.2565 Bear channel base drawn off the Jun 26, 2020 high

USDCAD weakened further yesterday. While the pullback appears to be a deeper corrective move, the pair has traded through support at 1.2686, Jan 27 low and a key short-term level. This is a bearish development and exposes the Jan 21 trend low of 1.2590 that also marks the bear trigger. Clearance of this level would resume the underlying downtrend. On the upside, a 1.2881 break, Jan 28 high is required to reinstate bullish activity.

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