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USDCAD TECHS: Corrective Phase

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3739 High Aug 15    
  • RES 3: 1.3693 High Aug 19  
  • RES 2: 1.3647 High Sep 19 and key resistance
  • RES 1: 1.3584 50-day EMA    
  • PRICE: 1.3566 @ 08:02 BST Oct 4
  • SUP 1: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger 
  • SUP 2: 1.3413 Low Feb 9
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run
  • SUP 4: 1.3288 Low Jan 5 

The trend condition in USDCAD remains bearish and the latest recovery appears to be a correction - for now. The strong Sep 24 sell-off reinforced a bearish theme. The pair breached support at 1.3441, the Aug 28 low, confirming a resumption of the downtrend that started Aug 5. This paves the way for an extension towards 1.3358, a Fibonacci retracement. Resistance to watch is 1.3584, 50-day EMA. A break would expose 1.3647, Sep 19 high.

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  • RES 4: 1.3739 High Aug 15    
  • RES 3: 1.3693 High Aug 19  
  • RES 2: 1.3647 High Sep 19 and key resistance
  • RES 1: 1.3584 50-day EMA    
  • PRICE: 1.3566 @ 08:02 BST Oct 4
  • SUP 1: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger 
  • SUP 2: 1.3413 Low Feb 9
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run
  • SUP 4: 1.3288 Low Jan 5 

The trend condition in USDCAD remains bearish and the latest recovery appears to be a correction - for now. The strong Sep 24 sell-off reinforced a bearish theme. The pair breached support at 1.3441, the Aug 28 low, confirming a resumption of the downtrend that started Aug 5. This paves the way for an extension towards 1.3358, a Fibonacci retracement. Resistance to watch is 1.3584, 50-day EMA. A break would expose 1.3647, Sep 19 high.