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TECHS: Outlook Still Bearish

DOLLAR-CANADA
  • RES 4: 1.3341 High Oct 7 and a reversal trigger
  • RES 3: 1.3273 High Oct 7 and 50-day EMA
  • RES 2: 1.3233 20-day EMA
  • RES 1: 1.3202 Oct 9 high
  • PRICE: 1.3140 @ 06:18 BST Oct 14
  • SUP 1: 1.3099 Low Oct 13
  • 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 edged lower again Tuesday, extending the pullback that started on Sep 30. The pair did however find support at the day low. Despite the bounce, the outlook remains bearish. Recent weakness follows the clear break on Oct 8 of trendline support drawn off the Sep 1 low. 1.3157, a Fibonacci retracement has been cleared paving the way for a move towards 1.3095. Initial resistance is at Friday's high of 1.3202. Heavy!

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