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TECHS: Holding Above Recent Lows

DOLLAR-CANADA
  • RES 4: 1.3324 50-dma
  • RES 3: 1.3274 Aug 14 high
  • RES 2: 1.3245 High Aug 20 and a key resistance
  • RES 1: 1.3162/64 High Aug 31 / 20-day EMA
  • PRICE: 1.3149 @ 10:59 BST Sep 8
  • 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

The USDCAD outlook remains bearish despite the move higher off recent lows. Gains are considered a correction. Price action on Sep 1 saw the pair test territory 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 open the Dec 31 2019 low of 1.2952. Resistance is at 1.3162, Sep 3 high.

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