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Trading At Its Recent Lows

USDCAD TECHS
  • RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
  • RES 3: 1.3695 High Mar 28
  • RES 2: 1.3668 High Apr 28 and key resistance
  • RES 1: 1.3505/85 20-day EMA / High Jun 1
  • PRICE: 1.3418 @ 08:05 BST Jun 7
  • SUP 1: 1.3388 Intraday low
  • SUP 2: 1.3363 Low May 11
  • SUP 3: 1.3315 Low May 8
  • SUP 4: 1.3302 Low Apr 14 and a key near-term support

USDCAD maintains a softer tone following the reversal from the May 26 high of 1.3655 and is trading at its recent lows. The impulsive nature of the latest sell-off signals scope for a deeper pullback. Support at 1.3404, the May 16 has been breached and this exposes 1.3315, the May 8 low and a key support point. On the upside, initial resistance is at 1.3505, the 20-day EMA, a break of this level would ease bearish pressure.

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