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Remains Weak

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25
  • RES 3: 1.3009 High Dec 1
  • RES 2: 1.2929 Low Nov 29 and recent breakout level
  • RES 1: 1.2874 High Dec 4
  • PRICE: 1.2811 @ 11:24GMT Dec 7
  • SUP 1: 1.2773 Low Dec 4
  • SUP 2: 1.2712 1.00 proj of Oct 29 - Nov 9 sell-off from Nov 13 high
  • SUP 3: 1.2700 2.0% 10-dma envelope
  • SUP 4: 1.2666 4.0% Lower Bollinger Band

USDCAD remains considerably weaker following Friday's move lower. The pair fell through all nearby support to hit new 2020 lows of 1.2773. The acceleration lower reinforces bearish conditions and maintains the bearish price sequence of lower lows and lower highs. Furthermore, MA studies are in a bear mode, highlighting current conditions. The focus is on 1.2712 next, a downside Fibonacci projection. Resistance is seen at 1.2929, Nov 29 low.

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