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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.2901 High Mar 8 and a key resistance
  • RES 3: 1.2871 High Mar 15
  • RES 2: 1.2786 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 1: 1.2777 High Apr 25
  • PRICE: 1.2691 @ 06:50 BST Apr 26
  • SUP 1: 1.2626 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD rallied sharply higher on Apr 22 and cleared a directional trigger at 1.2676, the Apr 13 high. This has strengthened a short-term bullish theme, and Monday’s gains reinforce current conditions. The focus is on 1.2786 next, 76.4% of the Mar 8 - Apr 5 bear leg. On the downside, Friday’s 1.2568 low is seen as a firm short-term support. Initial support is at 1.2626, the 50-day EMA.

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