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USDCAD TECHS: Bearish Reversal

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3753 61.8% retracement of the Aug 5 - 28 bear leg  
  • RES 3: 1.3739 High Aug 15
  • RES 2: 1.3693 High Aug 19 
  • RES 1: 1.3622/47 50-day EMA / High Sep 19 and key resistance    
  • PRICE: 1.3566 @ 07:23 BST Sep 20
  • SUP 1: 1.3520 61.8% retracement of the Aug 28 - Sep 19 correction
  • SUP 2: 1.3490 61.8% retracement of the Aug 28 - Sep 19 correction
  • SUP 3: 1.3441 Low Aug 28 and the bear trigger 
  • SUP 4: 1.3413 Low Feb 9

Recent strength in USDCAD appears to be corrective. Last Thursday’s reversal lower, reinforces this theme and suggests the Aug 28 - Sep 19 corrective cycle is over. A continuation lower would open 1.3490, a Fibonacci retracement, ahead of the key support and bear trigger at 1.3441, the Aug 28 low. Key short-term resistance has been defined at 1.3647, the Sep 19 high. A break of this level is required to reinstate a bullish theme.

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  • RES 4: 1.3753 61.8% retracement of the Aug 5 - 28 bear leg  
  • RES 3: 1.3739 High Aug 15
  • RES 2: 1.3693 High Aug 19 
  • RES 1: 1.3622/47 50-day EMA / High Sep 19 and key resistance    
  • PRICE: 1.3566 @ 07:23 BST Sep 20
  • SUP 1: 1.3520 61.8% retracement of the Aug 28 - Sep 19 correction
  • SUP 2: 1.3490 61.8% retracement of the Aug 28 - Sep 19 correction
  • SUP 3: 1.3441 Low Aug 28 and the bear trigger 
  • SUP 4: 1.3413 Low Feb 9

Recent strength in USDCAD appears to be corrective. Last Thursday’s reversal lower, reinforces this theme and suggests the Aug 28 - Sep 19 corrective cycle is over. A continuation lower would open 1.3490, a Fibonacci retracement, ahead of the key support and bear trigger at 1.3441, the Aug 28 low. Key short-term resistance has been defined at 1.3647, the Sep 19 high. A break of this level is required to reinstate a bullish theme.