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USDCAD TECHS: Bear Threat Still Present

USDCAD TECHS
  • RES 4: 1.3899 High Nov 1 and a key resistance    
  • RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 2: 1.3755/3792 High Jul 2 / High Jun 11
  • RES 1: 1.3671 50-day EMA
  • PRICE: 1.3610 @ 16:41 BST Jul 10 
  • SUP 1: 1.3590 Low May 16 and a key support
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

USDCAD traded slightly lower into the London close, keeping the short-term bearish threat present. The pair has recently breached the 50-day EMA - currently at 1.3671, reinforcing a bearish condition and exposing 1.3590, the May 16 low and a key support. Clearance of this level would highlight an important technical break. Initial firm resistance to watch is 1.3755, the Jul 2 high. A break of this level would be bullish. Note that the medium-term trend signal remains bullish - for now.

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  • RES 4: 1.3899 High Nov 1 and a key resistance    
  • RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 2: 1.3755/3792 High Jul 2 / High Jun 11
  • RES 1: 1.3671 50-day EMA
  • PRICE: 1.3610 @ 16:41 BST Jul 10 
  • SUP 1: 1.3590 Low May 16 and a key support
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

USDCAD traded slightly lower into the London close, keeping the short-term bearish threat present. The pair has recently breached the 50-day EMA - currently at 1.3671, reinforcing a bearish condition and exposing 1.3590, the May 16 low and a key support. Clearance of this level would highlight an important technical break. Initial firm resistance to watch is 1.3755, the Jul 2 high. A break of this level would be bullish. Note that the medium-term trend signal remains bullish - for now.