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Strong Bullish Reversal Extends

  • RES 4: 1.3113 High Nov 23 2020
  • RES 3: 1.3077 High May 16 and the bull trigger
  • RES 2: 1.2982 High May 16
  • RES 1: 1.2975 High June 14
  • PRICE: 1.2947 @ 07:24 BST Jun 15
  • SUP 1: 1.2866/2741 Low Jun 14 / 20-day EMA
  • SUP 2: 1.2518 Low Jun 8 and key support
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and key support

USDCAD has continued to climb this week and the move higher has cemented the recent short-term reversal. Yesterday’s gains resulted in a break of 1.2945, 76.4% of the bear leg between May 12 - Jun 8. The breach reinforces a bullish theme and signals potential for a climb towards key resistance at 1.3077, the May 16 high. Initial firm support is at 1.2741, the 20-day EMA.

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