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Trading At This Week’s Lows

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2871/2901 High Mar 15 / High Mar 8 and a key resistance
  • RES 1: 1.2697 20-day EMA
  • PRICE: 1.2557 @ 16:51 GMT Mar 23
  • SUP 1: 1.2546 1.0% 10-dma envelope
  • SUP 2: 1.2542 Low Mar 23
  • SUP 3: 1.2499 Low Jan 21
  • SUP 4: 1.2454 Low Jan 19 and a key support

USDCAD traded to new lows Wednesday, extending the recent spell of weakness through 1.2552, the 76.4% retracement of the Jan 19 - Feb 24 rally and a key short-term support. Progress below here opens further losses toward the Jan 21 low of 1.2499 and key support at the YTD lows of 1.2451. On the upside, initial resistance is seen at 1.2697, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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