USDCAD remains soft on the back of this week’s bearish price action. A bearish engulfing candle on Jul 7 continues to highlight a reversal and attention turns to key support at 1.3117, the Jun 27 low. A break of this level would confirm a resumption of the downtrend that started on Oct 13 2022. This would pave the way for weakness towards 1.3084, a Fibonacci projection. Initial firm resistance is seen at 1.3266, the 20-day EMA.
Find more articles and bullets on these widgets:
USDCAD maintains a softer tone and price is trading at the recent lows. The latest move lower has exposed 1.3302, the Apr 14 low and a key support. Clearance of this level would strengthen bearish conditions and this would open 1.3262, the Feb 2 low which also represents a key support. On the upside, initial firm resistance is at 1.3457, the 20-day EMA. A break of this level is required to ease bearish pressure.
Today, reference 95.02:
The AUDUSD bull cycle that started May 31 remains in play and the pair continues to appreciate. Price is through 0.6733, 76.4% of the downleg in May. This reinforces current bullish conditions and signals scope for an extension towards 0.6818, the May 10 high and a key resistance. On the downside, a strong reversal is required to refocus attention on 0.6458, the May 31 low. Initial firm support is seen at 0.6646, the 20-day EMA.