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Probes The 76.4% Retracement

USDCAD TECHS
  • RES 4: 1.2924 High Dec 22
  • RES 3: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 2: 1.2778 High Mar 16
  • RES 1: 1.2697 20-day EMA
  • PRICE: 1.2578 @ 06:58 GMT Mar 24
  • SUP 1: 1.2547/42 1.0% 10-dma envelope / Low Mar 23
  • SUP 2: 1.2499 Low Jan 21
  • SUP 3: 1.2454 Low Jan 19 and a key support
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD traded to a new cycle low Wednesday, extending the recent spell of weakness through 1.2552, the 76.4% retracement of the Jan 19 - Feb 24 rally and a key short-term support. The print below this former support signals scope for an extension lower and the focus is on the Jan 21 low of 1.2499. On the upside, initial resistance is seen at 1.2684, the 20-day EMA. A break of this level would ease current bearish pressure.

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