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TECHS: Corrective Bounce

DOLLAR-CANADA
  • RES 4: 1.3371 50-dma
  • RES 3: 1.3245 High Aug 20 and a key resistance
  • RES 2: 1.3182 20-day EMA
  • RES 1: 1.3162 High Aug 31
  • PRICE: 1.3093 @ 10:53 BST Sep 4
  • SUP 1: 1.3038 Low Sep 2
  • SUP 2: 1.2994/76 Low Sep 1 / Low Jan 8
  • SUP 3: 1.2957 Low Jan 7
  • SUP 4: 1.2952 Low Dec 31, 2019 and a major support

A USDCAD bearish theme remains despite the impulsive intraday rally Thursday. Gains are considered a correction. Tuesday saw price extend its move lower testing below 1.3000. The extension reinforces the current downtrend and maintains the bearish price sequence of lower lows and lower highs that still dominates. A clear break of the psychological 1.3000 handle would pave open the Dec 31 2019 low of 1.2952. Resistance is at 1.3182.

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