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TECHS: Heading South

  • RES 4: 1.3460 High Jul 30
  • RES 3: 1.3421 High Sep 30 and the bull trigger
  • RES 2: 1.3341 High Oct 7 and key near-term resistance
  • RES 1: 1.3273 High Oct 7
  • PRICE: 1.3170 @ 10:55 BST Oct 9
  • SUP 1: 1.3157 61.8% retracement of the Sep 1 - 30 rally
  • SUP 2: 1.3128 Low Sep 16
  • SUP 3: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 4: 1.3038 Low Sep 2

USDCAD has traded lower today again, extending the pullback that started on Sep 30. The move lower follows the clear break earlier this week of trendline support drawn off the Sep 1 low. This suggests scope for weakness towards 1.3157 next, a Fibonacci retracement. A breach of 1.3157 would open 1.3128, Sep 16 low. To offset a deeper decline, the pair needs to trade above resistance at 1.3341, Oct 7 high. Heavy!

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