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Resistance Remains Intact

USDCAD TECHS
  • RES 4: 1.3808 High Nov 3 and a key resistance
  • RES 3: 1.3628 Trendline resistance drawn from the Oct 13 high
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3495 High Nov 21
  • PRICE: 1.3334 @ 15:45 GMT Nov 24
  • SUP 1: 1.3301/3226 Low Nov 18 / 15 and the bear trigger
  • SUP 2: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 3: 1.3139 Low Sep 14
  • SUP 4: 1.3023 76.4% retracement of the Aug 11 - Oct 13 rally

USDCAD pierced the 50-day EMA on Monday but has since pulled back. A firm break of this average, at 1.3442, would undermine the recent bearish theme. This would expose 1.3571, the Nov 10 high, where a break would also signal scope for a stronger recovery and open 1.3628, trendline resistance drawn from the Oct 13 high. Key support and the bear trigger is at 1.3226, the Nov 15 low. A break would resume bearish activity.

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