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Remains Vulnerable

USDCAD TECHS
  • RES 4: 1.3126 50-day EMA
  • RES 3: 1.3091 High Nov 24
  • RES 2: 1.3045 20-day EMA
  • RES 1: 1.3009 High Dec 1
  • PRICE: 1.2877 @ 17:29 GMT Dec 3
  • SUP 1: 1.2869 Low Dec 3
  • SUP 2: 1.2857 Low Oct 4, 2018
  • SUP 3: 1.2821 0.764 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 4: 1.2800 Low Oct 2, 2018

USDCAD remains vulnerable with further weakness likely. The pair recently stalled at 1.3173 on Nov 13 and while this level remains intact, the broader outlook remains bearish. This has been reinforced as price records fresh low prints for the year, confirming a resumption of the underlying downtrend. The focus is on 1.2857 next, Oct 4 2018 low. On the upside, initial resistance is seen at 1.3029, Nov 25 high.

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