August 28, 2024 20:00 GMT
USDCAD TECHS: Southbound
USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 1.3856/3946 High Aug 6 / 5 and bull trigger
- RES 3: 1.3791 High Aug 7
- RES 2: 1.3646 20-day EMA
- RES 1: 1.3519/3617 High August 26 / 23
- PRICE: 1.3460 @ 16:35 BST Aug 28
- SUP 1: 1.3441 Low Aug 28
- SUP 2: 1.3420 Low Mar 8
- SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
- SUP 4: 1.3288 Low Jan 5
USDCAD traded lower again in overnight Wednesday trade, marking an extension once again of the bear cycle that started Aug 5. The move down reinforces the current bearish condition. 1.3589, the Jul 11 low, has recently been cleared, strengthening a bearish theme. This sets the scene for an extension towards 1.3358, a Fibonacci projection. On the upside, initial firm resistance to watch is at 1.3617, last Friday’s intraday high.
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