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TECHS: Corrective Bounce

DOLLAR-CANADA
  • RES 4: 1.3341 High Oct 7 and a reversal trigger
  • RES 3: 1.3268 High Oct 7 and 50-day EMA
  • RES 2: 1.3225 20-day EMA
  • RES 1: 1.3205 Intraday high
  • PRICE: 1.3198 @ 11:04 BST Oct 15
  • SUP 1: 1.3143 Intraday low
  • SUP 2: 1.3099 Low Oct 13
  • SUP 3: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 4: 1.3038 Low Sep 2

USDCAD has rebounded this morning as the USD rallies across the board. The recovery highlights scope for a corrective bounce with attention turning to resistance at 1.3222 next, the 20-day EMA. A break of this level would signal scope for a stronger short-term recovery and expose the 50-day EMA that intersects at 1.3268 today. The 1.3222/68 zone represents a key resistance. On the downside, initial support lies at 1.3143, today's intraday low.

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