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USDCAD TECHS: Bear Leg Extends 

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13, 2022
  • RES 3: 1.3856/3946 High Aug 6 / 5 and bull trigger
  • RES 2: 1.3791 High Aug 7   
  • RES 1: 1.3641/3714 High Aug 20 / 20-day EMA
  • PRICE: 1.3580@ 08:07 BST Aug 22
  • SUP 1: 1.3576 Low Aug 21
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3500 Round number support 
  • SUP 4: 1.3471 61.8% retracement of the Dec 27 - Aug 5 bull leg  

USDCAD has traded lower this week, marking an extension of the bear cycle that started Aug 5. The move down undermines a recent bullish theme and has resulted in the break of a number of support points. 1.3589, the Jul 11 low, has also been cleared, strengthening a bearish theme. This sets the scene for an extension towards 1.3547, the Apr 9 low. On the upside, initial firm resistance to watch is at 1.3714, the 20-day EMA.

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