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USDCAD TECHS: Trend Direction Remains Down

USDCAD TECHS
  • RES 4: 1.3739 High Aug 15
  • RES 3: 1.3670 50-day EMA 
  • RES 2: 1.3616 20-day EMA  
  • RES 1: 1.3519 High August 26
  • PRICE: 1.3480 @ 08:04 BST Aug 30
  • 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 unchanged and remain 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 1.3616,the 20-day EMA.

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