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USDCAD TECHS: Maintains This Week’s Bear Cycle

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: 1.3675 50-day EMA
  • PRICE: 1.3632 @ 16:23 BST Jul 5 
  • SUP 1: 1.3590 Low May 16 and a key support
  • 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 rallied into the Friday close, however the short-term bearish threat remains in place as resistance stayed untroubled across the week. Note that price has breached the 50-day EMA - currently at 1.3675. This reinforces bearish conditions and has also resulted in a print below 1.3590, May 16 low. An extension would expose 1.3590, the May 16 low and key support. The medium-term trend outlook is bullish, initial firm resistance to watch is 1.3755, the Jul 2 high. A break of this level would be bullish.

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