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Corrective Pullback Stalls

USDCAD TECHS
  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3079 High May 17 and a bull trigger
  • RES 1: 1.2917/3017 High Jun 27/23
  • PRICE: 1.2891 @ 16:45 BST Jun 28
  • SUP 1: 1.2798 50-day EMA
  • SUP 2: 1.2732 61.8% retracement of the Jun 8 - 17 rally
  • SUP 3: 1.2681 Low Jun 10
  • SUP 4: 1.2518 Low Jun 8 and key support

The USDCAD outlook is bullish, with the corrective cycle stalling on Tuesday as the pair looked to finish the day higher. The latest pullback is considered corrective. Recent gains resulted in a break of 1.3000 and delivered a print above key resistance at 1.3077, the May 16 high and a bull trigger. A clear breach of 1.3077 would confirm a resumption of the uptrend and open 1.3113, Nov 23 2020 high. The next firm support is seen at 1.2798, the 50-day EMA.

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