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- RES 4: 1.2648 High Oct 6
- RES 3: 1.2560 50-day EMA
- RES 2: 1.2494 Low Sep 3 and a recent breakout level
- RES 1: 1.2449 High Oct 14
- PRICE: 1.2344 @ 06:49 BST Oct 20
- SUP 1: 1.2303 Low Jul 6
- SUP 2: 1.2253 Low Jun 23
- SUP 3: 1.2229 76.4% retracement of the Jun - Aug rally
- SUP 4: 1.2157 Low Jun 16
USDCAD remains in a bear cycle. Key support at the Jul 30 low of 1.2422 has recently been cleared reinforcing bearish conditions and this signals scope for an extension of the downleg. The break has opened 1.2303 next, Jul 6 low. Note too that moving average conditions appear to be turning bearish, reinforcing the current sentiment. Initial firm resistance is seen at 1.2494, Sep 3 low. A break would ease the current bearish pressure.