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USDCAD TECHS: Gains Considered Corrective

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3693 High Aug 19   
  • RES 3: 1.3647 High Sep 19 and key resistance   
  • RES 2: 1.3593 50-day EMA 
  • RES 1: 1.3541 20-day EMA    
  • PRICE: 1.3502 @ 16:20 BST Oct 1
  • SUP 1: 1.3420 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 

USDCAD remains in a clear downtrend and the strong Sep 24 sell-off reinforces this condition. The pair has traded through support at 1.3441, the Aug 28 low. This breach confirms a resumption of the downtrend that started Aug 5. The move down paves the way for an extension towards 1.3358, a Fibonacci retracement. Initial firm resistance is seen at 1.3541, the 20-day EMA. Short-term gains are considered corrective.

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  • RES 4: 1.3693 High Aug 19   
  • RES 3: 1.3647 High Sep 19 and key resistance   
  • RES 2: 1.3593 50-day EMA 
  • RES 1: 1.3541 20-day EMA    
  • PRICE: 1.3502 @ 16:20 BST Oct 1
  • SUP 1: 1.3420 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 

USDCAD remains in a clear downtrend and the strong Sep 24 sell-off reinforces this condition. The pair has traded through support at 1.3441, the Aug 28 low. This breach confirms a resumption of the downtrend that started Aug 5. The move down paves the way for an extension towards 1.3358, a Fibonacci retracement. Initial firm resistance is seen at 1.3541, the 20-day EMA. Short-term gains are considered corrective.