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Remains Soft

USDCAD TECHS
  • RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3668 High Apr 28 and key resistance
  • RES 1: 1.3523 20-day EMA
  • PRICE: 1.3439 @ 08:05 BST Jun 5
  • SUP 1: 1.3407/04 Low Jun 02 / May 16
  • SUP 2: 1.3363 Low May 11
  • SUP 3: 1.3315 Low May 8
  • SUP 4: 1.3302 Low Apr 14 and a key near-term support

USDCAD traded sharply lower on Thursday as it extended the reversal from the May 26 high of 1.3655. The pair remains soft. The impulsive nature of the sell-off signals scope for a deeper pullback and the next support to watch is 1.3404, the May 16 low. A break of this level would expose 1.3315, the May 8 low and a key support. On the upside, initial resistance is at 1.3523, the 20-day EMA.

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