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TECHS: Needle Still Points South

DOLLAR-CANADA
  • RES 4: 1.3421 High Sep 30
  • RES 3: 1.3341 High Oct 7 and a reversal trigger
  • RES 2: 1.3273 High Oct 7 and key near-term resistance
  • RES 1: 1.3202 Friday's high
  • PRICE: 1.3139 @ 10:45 BST Oct 12
  • SUP 1: 1.3110 Low Oct 9
  • SUP 2: 1.3095 76.4% retracement of the Sep 1 - 30 rally
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994 Low Sep 1

USDCAD traded lower again Friday, extending the pullback that started on Sep 30. The move lower follows the clear break last week of trendline support drawn off the Sep 1 low. Weakness has extended through 1.3157, a Fibonacci retracement to open the next retracement at 1.3095. Initial resistance is at Friday's high of 1.3202. Clearance of 1.3273 though, Oct 7 high is required to ease bearish pressure. Heavy!

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