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Remains Soft

USDCAD TECHS
  • RES 4: 1.2957 High Dec 21, 2020
  • RES 3: 1.2949 High Aug 20 and the bull trigger
  • RES 2: 1.2775/2896 High Sep 29 / High Sep 20
  • RES 1: 1.2656 High Oct 4
  • PRICE: 1.2553 @ 06:52 BST Oct 8
  • SUP 1: 1.2533 Intraday low
  • SUP 2: 1.2494 Low Sep 3 and the bear trigger
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2367 61.8% retracement of the Jun - Aug rally

USDCAD remains soft and has moved lower again today. The failure to reverse higher has seen the pair confirm, for now, a break of the 50-day EMA and this exposes support at 1.2494, Sep 3 low. A breach of this support would signal scope for a deeper pullback towards 1.2422, the Jul 30 low. For bulls, a break of 1.2775, Sep 29 high would represent a bullish development and this would refocus attention on 1.2949, Aug 20 high and the bull trigger.

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