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Remains Vulnerable

USDCAD TECHS
  • RES 4: 1.3953 2.0% 10-dma envelope
  • RES 3: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 2: 1.3777 High Nov 16
  • RES 1: 1.3687 20-day EMA
  • PRICE: 1.3579 @ 08:01 GMT Nov 30
  • SUP 1: 1.3541 Low Nov 29
  • SUP 2: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase

USDCAD is off lows, but maintains a softer tone more broadly. The recent break of trendline support, drawn from the Jul 14 low, reinforces a bearish theme and signals scope for a continuation lower near-term. Sights are on 1.3496 next, a Fibonacci retracement. Initial key resistance remains at 1.3777, the Nov 16 high. A breach of this hurdle would be a bullish development.

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