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Takes Out 20-, 50-Day EMAs

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3272 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14
  • RES 1: 1.3166 3.0% Upper Bollinger Band
  • PRICE: 1.2853 @ 16:25 BST Jul 22
  • SUP 1: 1.2823 Low Jul 22
  • SUP 2: 1.2819 Low Jun 28 and key support
  • SUP 3: 1.2763 Low Jun 13
  • SUP 4: 1.2701 2.0% 10-dma envelope

USDCAD dipped further Friday, narrowing the gap with intraday support at 1.2819 - the late June low. The pair has now traded below both the 20- and 50-day EMA, denting the outlook and turning the near-term outlook negative. A deeper pullback opens 1.2763 and the 2.0% 10-dma envelope of 1.2701.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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