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US TSYS

Reversal

AUSSIE 3-YEAR TECHS

(U1) New Contract Low

USDCAD TECHS

Holding Onto Gains

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  • RES 4: 1.2419 High Apr 27
  • RES 3: 1.2351 High May 4 and a key near-term resistance
  • RES 2: 1.2240 50-day EMA
  • RES 1: 1.2163/2203 High Jun 11 / High May 6
  • PRICE: 1.2158 @ 16:39 BST Jun 11
  • SUP 1: 1.2007 Low May 18
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1920 Low May 2015
  • SUP 4: 1.1842 2.0% 10-dma envelope

USDCAD traded stronger in a range Friday. The underlying trend is bearish although to resume the downleg, the pair needs to clear 1.2007, May 18 low. This would expose the psychological 1.2000 handle where a breach would also reinforce bearish conditions. For bulls, key short-term resistance has been defined at 1.2203, May 6 high. A break would instead signal a short-term base and the potential for a stronger corrective bounce.