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TECHS: Prints Fresh Cycle Low

DOLLAR-CANADA
  • RES 4: 1.3347 High Aug 12
  • RES 3: 1.3272 High Aug 14 and a key resistance
  • RES 2: 1.3263 20-day EMA
  • RES 1: 1.3245 High Aug 20 and key intraday resistance
  • PRICE: 1.3129 @ 17:35 BST Aug 27
  • SUP 1: 1.3102 Low Aug 27
  • SUP 2: 1.3057 61.8% retracement of the 2017 - 2020 rally
  • SUP 3: 1.3036 Low Jan 22
  • SUP 4: 1.2976 Low Jan 8

USDCAD remains bearish and hit another fresh cycle low at 1.3102. This confirms a resumption of the downtrend and extends the bearish price sequence of lower lows and lower highs that still dominates. Thursday's downtick saw prices fall through 1.3119, Jan 24 low, opening 1.3057, a Fibonacci retracement. Further out, attention is on the Dec 31 2019 low of 1.2952. Initial resistance is at 1.3245. Bearish!

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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