July 15, 2024 20:18 GMT
Resistance Remains Intact For Now
USDCAD TECHS
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 2: 1.3755/3792 High Jul 2 / High Jun 11
- RES 1: 1.3689 High Jul 15
- PRICE: 1.3677 @ 21:18 BST Jul 15
- SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has recovered from last week’s low. However, a short-term bear threat remains present. The recent break of the 50-day EMA - currently at 1.3666, reinforces a bearish condition and exposes 1.3590, the May 16 low and a key support. It has been pierced, a clear breach of it would highlight an important technical break. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would be bullish.
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