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USDCAD TECHS: Bear Leg Extension  

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletGlobalForeign Exchange BulletsRegionNorth America
  • 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: 1.3726 20-day EMA
  • PRICE: 1.3620@ 07:58 BST Aug 21
  • SUP 1: 1.3605 Low Aug 20
  • SUP 2: 1.3589 Low Jul 11 and a key support
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

USDCAD traded lower again Tuesday and this marks 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, exposing the next key level at 1.3589, the Jul 11 low. Clearance of this support would strengthen a bearish theme. On the upside, initial firm resistance to watch is at 1.3726, the 20-day EMA.

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  • 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: 1.3726 20-day EMA
  • PRICE: 1.3620@ 07:58 BST Aug 21
  • SUP 1: 1.3605 Low Aug 20
  • SUP 2: 1.3589 Low Jul 11 and a key support
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

USDCAD traded lower again Tuesday and this marks 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, exposing the next key level at 1.3589, the Jul 11 low. Clearance of this support would strengthen a bearish theme. On the upside, initial firm resistance to watch is at 1.3726, the 20-day EMA.