USDCAD TECHS: Bear Threat Still Present
Jan-12 07:28
- RES 4: 1.3751 High Nov 4
- RES 3: 1.3705 Dec 16 and the bull trigger
- RES 2: 1.3665 High Jan 6
- RES 1: 1.3521 50-day EMA
- PRICE: 1.3441 @ 07:25 GMT Jan 12
- SUP 1: 1.3357 Low Jan 9
- SUP 2: 1.3317 Low Nov 24 / 25
- SUP 3: 1.3226 Low Nov 15 and bear trigger
- SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
The short-term outlook in USDCAD is bearish. Recent weakness has resulted in a print below a key support at the 1.3385 level - the Dec 5 low. A clear break of this level would strengthen bearish conditions and open 1.3317, the Nov 24 / 25 low. The bear trigger lies at 1.3226, Nov 15 low. On the upside, key resistance is far-off at 1.3705, the Dec 16 high. Initial firm resistance is seen at 1.3521, the 50-day EMA.
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