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Recovers From Recent Lows

USDCAD TECHS
  • RES 4: 1.2491 High Apr 26
  • RES 3: 1.2419 High Apr 27
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2203/2288 High May 13 / High May 6
  • PRICE: 1.2107 @ 06:46 BST May 20
  • SUP 1: 1.2013 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1873 2.0% 10-dma envelope

USDCAD recovered Wednesday. The recent key technical development has been the test below major support at 1.2062, Sep 2017 low. This represents an important pivot chart point that either marks the base of a broad range or the midpoint of a double top reversal pattern. A clear break lower would reinforce the current downtrend and open 1.2000 and below. Initial firm resistance is at 1.2203, May 13 high. A break would ease bearish pressure.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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