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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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Snaps Uptrend to Turn Focus Lower

  • RES 4: 1.3173 High Nov 13, 2020
  • RES 3: 1.3091 High Nov 24, 2020
  • RES 2: 1.3024/39 38.2% Mar ‘20-Jun ‘21 downleg / 2.0% 10-dma env
  • RES 1: 1.2964 High Dec 20 and the bull trigger
  • PRICE: 1.2680 @ 15:14 GMT Dec 31
  • SUP 1: 1.2667 Low Dec 31
  • SUP 2: 1.2653 50-dma
  • SUP 3: 1.2608 Low Dec 8 and key support
  • SUP 4: 1.2585 Low Nov 19

USDCAD traded weaker into year end, taking out first support at 1.2734 to narrow the gap with the 50-dma. The price action across the second half of December works against the multi-month uptrend in the pair, with 1.2608 now seen as key support. A fall through here opens 1.2626 and 1.2546 as the next downside targets ahead of the 1.2288 print last seen in October.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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