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Through Key Support

USDCAD TECHS
  • RES 4: 1.2778 High Mar 16
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2667 50-day EMA
  • RES 1: 1.2593/2625 High Mar 28 / 20-day EMA
  • PRICE: 1.2475 @ 16:36 GMT Mar 30
  • SUP 1: 1.2430 Low Mar 30
  • SUP 2: 1.2420 1.0% 10-dma envelope
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

Trend conditions were confirmed further Wednesday, pushing USDCAD through key support at 1.2454 - the Jan 19 low. This extends the downtick triggered by the break below 1.2552, 76.4% of the Jan 19 - Feb 24 rally, reinforcing a bearish theme in the process. The break lower opens 1.2387 initially ahead of 1.2328. On the upside, initial firm resistance is seen at 1.2625, the 20-day EMA. A break of this average would ease bearish pressure.

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