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Through Key Support

USDCAD TECHS
  • RES 4: 1.3091 High Nov 24 2020
  • RES 3: 1.3077 High May 16 and the bull trigger
  • RES 2: 1.2982 High May 16
  • RES 1: 1.2896 High May 18
  • PRICE: 1.2670 @ 15:08 BST May 30
  • SUP 1: 1.2664 Low May 30
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2537 2.0% 10-dma envelope
  • SUP 4: 1.2459 Low Apr 21

USDCAD extended recent losses into the close Monday and has breached a number of key supports, most notably 1.2714, the May 5 low. This puts the pair further below the 50-day EMA. Further weakness would expose the Apr 22 low at 1.2568 and 1.2459. Initial resistance remains 1.2896, May 18 high. A break would signal a potential bullish reversal.

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