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USDCAD TECHS: Bear Flag 

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3739 High Aug 15
  • RES 3: 1.3656 50-day EMA 
  • RES 2: 1.3594 20-day EMA  
  • RES 1: 1.3531 Intraday high 
  • PRICE: 1.3516 @ 07:57 BST Sep 3
  • SUP 1: 1.3441 Low Aug 28
  • SUP 2: 1.3420 Low Mar 8
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
  • SUP 4: 1.3288 Low Jan 5

USDCAD is unchanged and a bearish theme remains intact. The latest impulsive sell-off reinforces the current bearish condition and moving average studies are in a bear-mode set-up. Note too that the most recent shallow retracement appears to be a flag formation - a bearish continuation pattern. Sights are on 1.3358, a Fibonacci retracement. On the upside, initial firm resistance to watch is at 1.3594 the 20-day EMA.

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  • RES 4: 1.3739 High Aug 15
  • RES 3: 1.3656 50-day EMA 
  • RES 2: 1.3594 20-day EMA  
  • RES 1: 1.3531 Intraday high 
  • PRICE: 1.3516 @ 07:57 BST Sep 3
  • SUP 1: 1.3441 Low Aug 28
  • SUP 2: 1.3420 Low Mar 8
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
  • SUP 4: 1.3288 Low Jan 5

USDCAD is unchanged and a bearish theme remains intact. The latest impulsive sell-off reinforces the current bearish condition and moving average studies are in a bear-mode set-up. Note too that the most recent shallow retracement appears to be a flag formation - a bearish continuation pattern. Sights are on 1.3358, a Fibonacci retracement. On the upside, initial firm resistance to watch is at 1.3594 the 20-day EMA.