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TECHS: Bearish Threat Present Despite Bounce

DOLLAR-CANADA
  • RES 4: 1.3646 High Jul 14 and key S/T resistance
  • RES 3: 1.3582/3600 50-day EMA / High Jul 20
  • RES 2: 1.3537 High Jul 21
  • RES 1: 1.3460/91 High Jul 30 / Low Jul 9
  • PRICE: 1.3404 @ 17:29 BST Jul 31
  • SUP 1: 1.3331 Low Jul 28
  • SUP 2: 1.3316 Low Jun 10 and bear trigger
  • SUP 3: 1.3235 Low Feb 24
  • SUP 4: 1.3267 Low Feb 25

USDCAD is still vulnerable despite Thursday's late recovery. Recent bearish price action cleared key support at 1.3486, Jun 23 low. This confirmed the end of the broad sideways move that had dominated since mid-June. The former support at 1.3398 Jun 11 low has also been cleared, reinforcing a bearish threat. The break opens 1.3316, Jun 10 low where a breach would expose 1.3202, Feb 21 low. Resistance is at 1.3491, Jul 24 high.

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

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