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Trend Condition Remains Bearish

USDCAD TECHS
  • RES 4: 1.2778 High Mar 16
  • RES 3: 1.2699 High Mar 17
  • RES 2: 1.2642 50-day EMA
  • RES 1: 1.2583/93 20-day EMA / High Mar 28
  • PRICE: 1.2472 @ 07:05 BST Apr 5
  • SUP 1: 1.2430 Low Mar 30 and the bear trigger
  • SUP 2: 1.2389 1.0% 10-dma envelope
  • SUP 3: 1.2387 Low Nov 10 2021
  • SUP 4: 1.2328 Low Oct 29 2021

USDCAD is trading closer to its recent lows. The pair has recently traded below 1.2451 - the Jan 19 low. This has reinforced bearish conditions and extends the move lower triggered by the recent break of 1.2552, 76.4% of the Jan 19 - Feb 24 rally. The break lower opens 1.2387 initially ahead of 1.2328. On the upside, initial firm resistance is seen at 1.2583, the 20-day EMA. A break of this average would ease bearish pressure.

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