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Cements Short-Term Reversal

USDCAD TECHS
  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2813 High Jun 10
  • PRICE: 1.2792 @ 16:01 BST Jun 10
  • SUP 1: 1.2518 Low Jun 8
  • SUP 2: 1.2459 Low Apr 21
  • SUP 3: 1.2403/02 Low Apr 5 and key support / 2.0% 10-dma env
  • SUP 4: 1.2387 Low Nov 10. 2021

A sharp rally in USDCAD continued Friday, cementing the short-term reversal. Key near-term support has been defined at 1.2518, the Jun 8 low. An extension higher would signal potential for a climb towards resistance at 1.2896, the May 19 high. For bears, a resumption of weakness and a breach of 1.2518 would again expose 1.2459, Apr 21 low and 1.2403 further out, the Apr 5 low and a key support.

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  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2813 High Jun 10
  • PRICE: 1.2792 @ 16:01 BST Jun 10
  • SUP 1: 1.2518 Low Jun 8
  • SUP 2: 1.2459 Low Apr 21
  • SUP 3: 1.2403/02 Low Apr 5 and key support / 2.0% 10-dma env
  • SUP 4: 1.2387 Low Nov 10. 2021

A sharp rally in USDCAD continued Friday, cementing the short-term reversal. Key near-term support has been defined at 1.2518, the Jun 8 low. An extension higher would signal potential for a climb towards resistance at 1.2896, the May 19 high. For bears, a resumption of weakness and a breach of 1.2518 would again expose 1.2459, Apr 21 low and 1.2403 further out, the Apr 5 low and a key support.