September 27, 2024 07:44 GMT
USDCAD TECHS: Resumes Its Downtrend
USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 1.3693 High Aug 19
- RES 3: 1.3647 High Sep 19
- RES 2: 1.3599 50-day EMA
- RES 1: 1.3546 20-day EMA
- PRICE: 1.3492 @ 08:40 BST Sep 27
- SUP 1: 1.3420 Low Sep 25
- 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 Tuesday's strong 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 1.3546, the 20-day EMA. Short-term gains would be considered corrective.
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