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USDCAD TECHS: Bearish Reversal Extends

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: 1.3590/47 High Sep 20 / 19 and key resistance    
  • PRICE: 1.3483 @ 15:44 BST Sep 24
  • SUP 1: 1.3466 Low Sep 56
  • SUP 2: 1.3441 Low Aug 28 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

Recent strength in USDCAD appears to have been a correction. Last Thursday’s reversal lower and this week’s sell-off, reinforces this theme and suggests the Aug 28 - Sep 19 corrective cycle is over. A continuation lower would open 1.3441, the Aug 28 low and a bear trigger. 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: 1.3590/47 High Sep 20 / 19 and key resistance    
  • PRICE: 1.3483 @ 15:44 BST Sep 24
  • SUP 1: 1.3466 Low Sep 56
  • SUP 2: 1.3441 Low Aug 28 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

Recent strength in USDCAD appears to have been a correction. Last Thursday’s reversal lower and this week’s sell-off, reinforces this theme and suggests the Aug 28 - Sep 19 corrective cycle is over. A continuation lower would open 1.3441, the Aug 28 low and a bear trigger. 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.