August 29, 2024 07:16 GMT
USDCAD TECHS: Southbound
USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 1.3739 High Aug 15
- RES 3: 1.3677 50-day EMA
- RES 2: 1.3614 20-day EMA
- RES 1: 1.3519 High August 26
- PRICE: 1.3460 @ 08:15 BST Aug 29
- 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 bears remain in the driver’s seat and the pair is trading at its recent lows. The latest impulsive sell-off reinforces the current bearish condition and moving average studies are in a bear-mode set-up. Furthermore, 1.3589, the Jul 11 low, has recently been cleared, strengthening a bearish theme. Sights are on 1.3358, a Fibonacci projection. On the upside, initial firm resistance to watch is at 1.3630,the 20-day EMA.
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