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USDCAD TECHS: Bear Threat Still Present Despite Recent Gains

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: 1.3748 High Jul 19
  • PRICE: 1.3716 @ 15:54 BST Jul 19
  • SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low 
  • 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 has recovered from its recent low. However, a short-term bear threat remains present, for now. Recent weakness resulted in a test of 1.3590, the May 16 low and a key support. A clear breach of it would highlight an important technical break and pave the way for an extension lower near-term. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would alter the picture and highlight a bullish development. 

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