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USDCAD TECHS: Slippage Accelerates

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.5000 Psychological round number 
  • RES 3: 1.4948 High Mar 2003  
  • RES 2: 1.4814 High Apr 2003
  • RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
  • PRICE: 1.4216 @ 16:32 GMT Feb 13
  • SUP 1: 1.4211 Low Feb 13
  • SUP 2: 1.4178 High Nov 6 ‘24
  • SUP 3: 1.4107 38.2% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 4: 1.4011 Low Dec 5 ‘24 

USDCAD broke lower Thursday, breaking out of a tight trading range this week, to edge to new lows. For now, the latest move down appears corrective and the primary uptrend remains intact. However, the pair has pierced a key support at 1.4261, the Jan 20 low. A clear break of this level would undermine a bullish theme and highlight a stronger reversal. This would open 1.4178, the Nov 26 ‘24 high. For bulls, a reversal higher would refocus attention on 1.4793, the Feb 3 high.

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  • RES 4: 1.5000 Psychological round number 
  • RES 3: 1.4948 High Mar 2003  
  • RES 2: 1.4814 High Apr 2003
  • RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
  • PRICE: 1.4216 @ 16:32 GMT Feb 13
  • SUP 1: 1.4211 Low Feb 13
  • SUP 2: 1.4178 High Nov 6 ‘24
  • SUP 3: 1.4107 38.2% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
  • SUP 4: 1.4011 Low Dec 5 ‘24 

USDCAD broke lower Thursday, breaking out of a tight trading range this week, to edge to new lows. For now, the latest move down appears corrective and the primary uptrend remains intact. However, the pair has pierced a key support at 1.4261, the Jan 20 low. A clear break of this level would undermine a bullish theme and highlight a stronger reversal. This would open 1.4178, the Nov 26 ‘24 high. For bulls, a reversal higher would refocus attention on 1.4793, the Feb 3 high.