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USDCAD TECHS: Breaches Support

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4669 2.0% 10-dma envelope
  • RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4516 Intraday high  
  • PRICE: 1.4363 @ 16:23 GMT Jan 21 
  • SUP 1: 1.4261 Low Jan 20
  • SUP 2: 1.4230 50-day EMA
  • SUP 3: 1.4120 Low Dec 11 
  • SUP 4: 1.4011 Low Dec 5

USDCAD price action is volatile this week. A sharp sell-off Monday resulted in a print below support at 1.4280, the 20-day EMA. Price has also traded through the 20-day EMA, at 1.4359. The pullback was short-lived and Tuesday’s reversal higher has delivered a fresh trend high of 1.4516. This highlights the fact that the uptrend remains intact and a continuation higher would open 1.4539, a Fibonacci projection. 1.4230, the 50-day EMA, marks key support.     

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  • RES 4: 1.4669 2.0% 10-dma envelope
  • RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4516 Intraday high  
  • PRICE: 1.4363 @ 16:23 GMT Jan 21 
  • SUP 1: 1.4261 Low Jan 20
  • SUP 2: 1.4230 50-day EMA
  • SUP 3: 1.4120 Low Dec 11 
  • SUP 4: 1.4011 Low Dec 5

USDCAD price action is volatile this week. A sharp sell-off Monday resulted in a print below support at 1.4280, the 20-day EMA. Price has also traded through the 20-day EMA, at 1.4359. The pullback was short-lived and Tuesday’s reversal higher has delivered a fresh trend high of 1.4516. This highlights the fact that the uptrend remains intact and a continuation higher would open 1.4539, a Fibonacci projection. 1.4230, the 50-day EMA, marks key support.