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Probes Support

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2814 High Jan 6 and a key near-term resistance
  • RES 1: 1.2742/2814 20-day EMA / High Jan 6
  • PRICE: 1.2604 @ 16:51 GMT Jan 11
  • SUP 1: 1.2497 Low Jan 11
  • SUP 2: 1.2608 Low Dec 8 and key support
  • SUP 3: 1.2546 Low 61.8% retracement of the Oct - Dec rally
  • SUP 4: 1.2493 Low Nov 16

USDCAD traded sharply lower Friday and extended these losses to touch 1.2597 on Tuesday. This puts prices below key short-term support at 1.2621, the Dec 31 low and shifts the short-term outlook from bullish - a clear break of the 1.2621 level and 1.2608, Dec 8 low would strengthen a bearish case and open 1.2585 - the Nov 19, 2021 low. Key short-term resistance is at 1.2814, Jan 6 high. A break would be bullish.

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