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TECHS: Decline Slows

DOLLAR-CANADA
  • RES 4: 1.3399 High Aug 7 and key resistance
  • RES 3: 1.3330 20-day EMA
  • RES 2: 1.3347 High Aug 12
  • RES 1: 1.3272 High Aug 14 and key resistance
  • PRICE: 1.3184 @ 17:22 BST Aug 19
  • SUP 1: 1.3119 Low Jan 24
  • SUP 2: 1.3103 3.0% Lower Bollinger Band
  • SUP 3: 1.3057 61.8% retracement of the 2017 - 2020 rally
  • SUP 4: 1.3007 2.0% 10-dma envelope

USDCAD remains bearish. The pair continues to extend its downward trajectory printing fresh cycle lows below 1.3200. Bearish conditions remain clearly intact with a bearish sequence of lower lows and lower highs dominating. The break lower this week paves the way for a move towards 1.3119, Jan 24 low and 1.3057, a Fibonacci retracement. Further out, scope is for the Dec 31 2019 low of 1.2952. Resistance is at 1.3272, Aug 14 high.

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