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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: 1.2886 2.0% 10-dma envelope
  • RES 1: 1.2828 High Apr 26
  • PRICE: 1.2794 @ 17:44 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 again Tuesday, opening a sizeable gap with the directional trigger at 1.2676, the Apr 13 high. This has strengthened a short-term bullish theme, and Tuesday’s gains reinforce current conditions. The focus is on 1.2871 next, the Mar 15 high. 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.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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