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  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/ 2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2654/2708 High Aug31 / High Aug 27
  • PRICE: 1.2523 @ 17:30 BST Sep 3
  • SUP 1: 1.2494 Low Sep 3
  • SUP 2: 1.2422 Jul 30 low and a key support
  • SUP 3: 1.2303 Low Jul 6
  • SUP 4: 1.2253 Low Jun 23

USDCAD ebbed lower still Friday, touching the lowest level since mid-August. This keeps the near-term outlook bearish and reinforces recent bearish signals - a shooting star candle formation on Aug 20 and a strong sell-off and weak close on Aug 23. Downside accelerated on the break below 1.2536, the 50-day EMA. This break strengthens the current bearish theme. Key resistance is at 1.2949, Aug 20 high. Initial firm resistance is at 1.2708.