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Bouncing, But Bearish Risk Still Present

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and key resistance
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2647 High Mar 30 and the short-term bull trigger
  • RES 1: 1.2587 High Apr 20
  • PRICE: 1.2572 @ 17:27 BST Apr 20
  • SUP 1: 1.2471 Low Apr 19
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

USDCAD is trading closer to recent lows and a bearish threat remains intact. Support at 1.2502, Apr 5 low gave way last week. A resumption of the current bear leg would suggest scope for a deeper pullback and open 1.2365, Mar 18 low and the bear trigger. For bulls, a recovery would once again refocus attention on the key resistance and bull trigger at 1.2647, Mar 30 high. A break would reinstate a bullish theme.

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