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Watching Support

USDCAD TECHS
  • RES 4: 1.3009 High Dec 1 2020
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2878 High Feb 24
  • PRICE: 1.2729 @ 17:31 GMT Mar 1
  • SUP 1: 1.2654/36 Low Mar 1 / Low Feb 10 and key S/T support
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD has failed to hold onto recent highs and traded lower through the Monday session and early Tuesday. The pullback refocuses attention on near-term support at 1.2636, the Feb 10 and a key short-term level. A break would signal potential for a deeper sell-off. The recent focus has been a bullish one and an ability to remain above 1.2636 and resume gains, would again open the key resistance at 1.2964, the Dec 22 high.

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

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