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Approaching Support

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3614 High Mar 19 and bull trigger
  • PRICE: 1.3466 @ 07:52 GMT Mar 21
  • SUP 1: 1.1.3420 Low Mar 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD has pulled back from its highs earlier in the week. Price is back below the 50 day EMA and continuation lower would expose key short-term support at 1.3420, the Mar 8 low and a bear trigger. Clearance of this level would open 1.3359, the Jan 31 low. On the upside, key short-term resistance has been defined at 1.3614, the Mar 19 high. A break of this level is required to reinstate a bullish theme.

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