21:05 UTC
Downtrend from mid-October top, below EMA50 · RSI 35 · price 1.39885
Triple top at 1.4290-1.4300, lower highs, testing the 50-61.8% retracement.
The August-to-October advance from 1.3732 to 1.4299 stalled with a triple top at 1.4290-1.4300 across the first two weeks of October. The 1.4203 neckline gave way on Oct 15, and three weeks of falling highs have since pulled price below the EMA50, with the ema50 zone near 1.4068 capping the Oct 27 bounce. Wednesday's hawkish BoC hike pushed the pair back under 1.40 despite a firm USD after the GDP beat. Price now sits near a 55% retracement, just above the Oct low at 1.3968 and the fib 61.8% level at 1.3949.
Support: 1.3968, 1.3949, 1.3759
Resistance: 1.4068, 1.4203, 1.4300
What it said to watch
- Canada Aug GDP and US ECI, both Fri 12:30 UTC, could materially shift this read
- A daily close below the 1.3968 Oct low exposes the fib 61.8% at 1.3949, with the 1.3759 Sep low the next major pivot
- A daily close back above the 1.4068 ema50 zone breaks the falling highs line and stalls the downtrend read
- A reclaim of the 1.4203 neckline negates the triple top structure