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Southbound

USDCAD TECHS
  • RES 4: 1.3924 2.0% 10-dma envelope
  • RES 3: 1.3855/3899 High Nov 10 / 1 and the bull trigger
  • RES 2: 1.3777 High Nov 16
  • RES 1: 1.3675 20-day EMA
  • PRICE: 1.3545 @ 07:53 GMT Dec 1
  • SUP 1: 1.3535 Intraday low
  • SUP 2: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3401 61.8% retracement of the Jul 14 - Nov 1 bull phase

USDCAD maintains a softer tone and has traded lower today, reinforcing a bearish theme. The recent break of trendline support, drawn from the Jul 14 low, strengthens the current downtrend and signals scope for a continuation lower near-term. Sights are on 1.3496 next, a Fibonacci retracement. Initial key resistance remains at 1.3777, the Nov 16 high. A breach of this hurdle would be a bullish development.

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