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Remains Vulnerable

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3038/56 High Jul 18 / 3.0% Upper Bollinger Band
  • RES 1: 1.2863/2985 20-day EMA / High Aug 5
  • PRICE: 1.2795 @ 16:08 BST Aug 12
  • SUP 1: 1.2744 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2587 2.0% 10-dma envelope

USDCAD extended losses Thursday, printing a new multi-month low in the process. This weakness marks an extension of the current bear leg. Support at 1.2767, the Aug 1 low, has been cleared and the move lower paves the way for a continuation lower. Attention is on a clean close below 1.2744, the 200-dma and 1.2685, a Fibonacci retracement. On the upside, a breach of 1.2985, the Aug 5 high is required to reinstate a bullish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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