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Watching Support

USDCAD TECHS
  • RES 4: 1.3173 High Nov 13, 2020
  • RES 3: 1.3091 High Nov 24, 2020
  • RES 2: 1.3024/39 38.2% Mar ‘20-Jun ‘21 downleg / 2.0% 10-dma env
  • RES 1: 1.2964 High Dec 20 and the bull trigger
  • PRICE: 1.2800 @ 15:33 GMT Dec 30
  • SUP 1: 1.2764 Dec 16 and key S/T support
  • SUP 2: 1.2706 Low Dec 13
  • SUP 3: 1.2608 Low Dec 8 and key support
  • SUP 4: 1.2585 Low Nov 19

USDCAD is trading near recent lows. The pair traded higher Dec 20, confirming a resumption of its uptrend and probed 1.2949, Aug 20 high. Pre-holiday price action negates the recent shooting star reversal pattern and reinforces the bull cycle. A clear break of 1.2949 would open 1.3024, a Fibonacci retracement. 1.2764, the Dec 16 low is the support to watch. Dips are currently considered corrective. A break of 1.2764 would alter the picture.

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

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