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Tests Major Support - The 2017 Low!

  • RES 4: 1.2455 50-day EMA
  • RES 3: 1.2419 High Apr 27
  • RES 2: 1.2351 High May 4 and a key near-term resistance
  • RES 1: 1.2194/2288 High May 7 / High May 6
  • PRICE: 1.2076 @ 14:32 BST May 12
  • SUP 1: 1.2046 Intraday low
  • SUP 2: 1.2000 Psychological round number
  • SUP 3: 1.1978 2.0% 10-dma envelope
  • SUP 4: 1.1920 Low May 2015

USDCAD has traded lower again today as the bear cycle extends. Today's key technical development has been a test of the major support at 1.2062, Sep 2017 low. This represents an important pivot chart point that either represents the base of a broad range or the midpoint of a double top reversal pattern. A clear break lower would reinforce the current downtrend and open 1.2000 and below. Initial firm resistance is at 1.2194, May 7 high.

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