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- RES 4: 1.3347 High Aug 12
- RES 3: 1.3294 20-day EMA
- RES 2: 1.3272 High Aug 14 and key near-term resistance
- RES 1: 1.3245 High Aug 20
- PRICE: 1.3173 @ 06:13 BST Aug 24
- SUP 1: 1.3133/19 Low Aug 19 / Low Jan 24
- SUP 2: 1.3057 61.8% retracement of the 2017 - 2020 rally
- SUP 3: 1.3036 Low Jan 22
- SUP 4: 1.2970 2.0% 10-dma envelope
USDCAD remains bearish. The pair last week extended its move lower printing fresh cycle lows at 1.3133 on Aug 19. The current downtrend is reinforced by the bearish sequence of lower lows and lower highs that continues to dominate. Scope is seen for a move towards 1.3119, Jan 24 low and 1.3057, a Fibonacci retracement. Further out, the focus is on the Dec 31 2019 low of 1.2952. Key near-term resistance is at 1.3272, Aug 14 high.