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Remains Vulnerable

  • RES 4: 1.3585 High Jun 1
  • RES 3: 1.3450 50-day EMA
  • RES 2: 1.3375 20-day EMA
  • RES 1: 1.3302/3355 Low Apr 14 / High Jun 15
  • PRICE: 1.3225 @ 20:50 BST Jun 20
  • SUP 1: 1.3175 Low Jun 19
  • SUP 2: 1.3154 Low Sep 15 2022
  • SUP 3: 1.3139 Low Sep 14 2022
  • SUP 4: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally

USDCAD traded sharply lower last week, confirming a resumption of the downtrend. Support at 1.3262 has been cleared, the Feb 2 low. Price has also breached an important support at 1.3226, the Nov 15 2022 low. This strengthens the bearish condition and signals scope for a move towards 1.3154, the Sep 15 2022 low and 1.3139, the Sep 14 low of last year. On the upside, firm resistance is seen at 1.3375, the 20-day EMA.

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