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Trend Needle Points South

USDCAD TECHS
  • RES 4: 1.3419 50-day EMA
  • RES 3: 1.3355 High Jun 15
  • RES 2: 1.3324 20-day EMA
  • RES 1: 1.3270 High Jun 20
  • PRICE: 1.3157 @ 16:52 BST Jun 22
  • SUP 1: 1.3139 Low Jun 22
  • SUP 2: 1.2992 50.0% retracement of the Jun - Oct 2022 bull rally
  • SUP 3: 1.2954 Low Sep 13 2022
  • SUP 4: 1.2895 Low Aug 25

USDCAD is trading closer to this week’s lows and the downtrend remains intact. Fresh trend lows this week strengthens bearish conditions and maintains the price sequence of lower lows and lower highs. Moving average studies are in a bear-mode position, highlighting current sentiment. Scope is seen for a move towards 1.2992, a Fibonacci retracement. On the upside, firm resistance is seen at 1.3324, the 20-day EMA.

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