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Trend Needle Points South

  • RES 4: 1.3427 High Jun 7
  • RES 3: 1.3387 High Jul 7 and a key resistance
  • RES 2: 1.3299 50-day EMA
  • RES 1: 1.3243 High Jul 18
  • PRICE: 1.3153 @ 07:57 BST Jul 25
  • SUP 1: 1.3093 Low Jul 14 and the bear trigger
  • SUP 2: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 3: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.2992 50.0% retracement of the 2021 - 2022 bull leg

USDCAD continues to trade above key short-term support at 1.3093, the Jul 14 low. Moving average studies are in a bear-mode position highlighting a dominant downtrend and a break of 1.3093 would confirm a resumption of the medium-term bear cycle. This would open 1.3084 and 1.3032, Fibonacci projection points. On the upside, clearance of the 50-day EMA, at 1.3299, is required to highlight a possible short-term reversal.

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