Every read JAFX AI made on the USD/CAD daily chart that day, newest first: trend, structure, the levels it marked and what it said to watch.
21:04 UTC
Uptrend rolling over into correction · RSI 36 · price 1.40366
Topped near 1.4250, lower highs, broke to 4-week lows.
USDCAD topped near 1.4250 in late June after a two-month climb off the April lows, and has since carved lower highs and broken to four-week lows near 1.4040 — a USD-led slide on soft US CPI/PPI rather than a CAD story. Price now trades below EMA20 and EMA50 with RSI in the mid-30s, marking a shift from the prior uptrend into correction. The 1.4130 area capped the last bounce, while 1.4000 psychological and the 50-day MA near 1.3970 sit just below.
Support: 1.4040, 1.4000, 1.3970
Resistance: 1.4130, 1.4250
What it said to watch
- Daily close below 1.4000 opens path to 50-day ma ~1.3970
- Canada CPI Mon 20 Jul could materially shift this read
- Reclaim of 1.4130 negates the breakdown
21:04 UTC
Multi-month uptrend, correcting lower · RSI 40 · price 1.40366
Double top near 1.4247, breaking down.
USDCAD rose steadily from the February 1.3620 base to a mid-June peak, where two attempts at 1.4247 rejected to form a double top. Price has since ground down through the 1.4130 zone to a four-week low at 1.4039, a USD-led move after cool US CPI/PPI pared Fed-hike bets. The last close sits back below the EMA(50), turning the swing filter from up to neutral-negative.
Support: 1.4039, 1.3970, 1.3850
Resistance: 1.4130
What it said to watch
- Sustained close below 1.4039 opens the path to the 50-day ma near 1.3970
- A daily close back above 1.4130 would negate the breakdown
- Canada CPI on Jul 20 could materially shift the multi-week read