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Watching Key Support

USDCAD TECHS
  • RES 4: 1.3226 2.0% 10-dma envelope
  • RES 3: 1.3224 High Jul 14
  • RES 2: 1.3038 High Jul 18
  • RES 1: 1.3169 3.0% Upper Bollinger Band
  • PRICE: 1.2849 @ 16:40 BST Jul 25
  • SUP 1: 1.2823 Low Jul 22
  • SUP 2: 1.2819 Low Jun 28 and key support
  • SUP 3: 1.2763 Low Jun 13
  • SUP 4: 1.2707 2.0% 10-dma envelope

USDCAD remains vulnerable and is trading closer to its recent lows. Attention is on the next key support at 1.2819, the Jun 28 low. A break of this level would strengthen bearish conditions and also confirm a clear break of both the 20- and 50-day EMA values. This would open 1.2763, the Jun 13 low. On the upside, initial resistance to watch is at 1.3038. A breach would ease the current bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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