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Still In A Bear Cycle

  • RES 4: 1.2648 High Oct 6
  • RES 3: 1.2537 50-day EMA
  • RES 2: 1.2494 Low Sep 3 and a recent breakout level
  • RES 1: 1.2410 High Oct 18
  • PRICE: 1.2349 @ 06:49 BST Oct 25
  • SUP 1: 1.2288 Low Oct 21
  • 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 continues to consolidate. The pair however remains in downtrend. A bearish theme follows the recent break of the Jul 30 low of 1.2422 and this has opened 1.2253 next, the Jun 23 low. Note too that moving average conditions remain in a bear mode, reinforcing current trend conditions. Initial firm resistance is seen at 1.2494, Sep 3 low. A break would ease bearish pressure.

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