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Rebuffs Bearish Threat

USDCAD TECHS
  • 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: 1.3502 50-day EMA
  • PRICE: 1.3444 @ 16:55 GMT Jan 18
  • SUP 1: 1.3322 Low Jan 13
  • SUP 2: 1.3317 Low Nov 24 / 25
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD rallied into the Wednesday close, rebuffing the bearish threat after an extended period closer to recent lows. Key resistance is at 1.3705, the Dec 16 high. Initial firm resistance is seen at 1.3502, the 50-day EMA. To the downside, price has recently breached a key support at the 1.3385 level - the Dec 5 low. This break strengthens bearish conditions and opens 1.3317, the Nov 24 / 25 low. The bear trigger lies at 1.3226, the Nov 15 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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