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Trend Outlook Remains Bearish

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3617 High Mar 29
  • RES 2: 1.3490/3530 20- and 50-day EMA
  • RES 1: 1.3454 Low Apr 19
  • PRICE: 1.3433 @ 16:24 BST Apr 19
  • SUP 1: 1.3302 Low Apr 14
  • SUP 2: 1.3275 Low Feb 14
  • SUP 3: 1.3262 Low Feb 2 and a key support
  • SUP 4: 1.3226 Low Nov 15 2022

The downtrend in USDCAD remains intact and recent short-term gains are considered corrective. Support at 1.3407, the Apr 4 low has recently been cleared and this maintains the price sequence of lower lows and lower highs. Sights are on 1.3275 - mid-February lows and 1.3262, the Feb 2 low. Note that the RSI is close to flagging an oversold condition for the first time in over 18 months. Initial firm resistance is seen at 1.3420, Monday’s high.

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