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Breaches Support

USDCAD TECHS
  • RES 4: 1.2763 High Feb 12
  • RES 3: 1.2749 High Feb 26 and key resistance
  • RES 2: 1.2700 High Mar 8
  • RES 1: 1.2647 High Mar 30 and the short-term bull trigger
  • PRICE: 1.2531 @ 06:45 BST Apr 16
  • SUP 1: 1.2477 Low Apr 15
  • 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 failed to hold onto Tuesday's highs and has since traded lower. Support at 1.2502, Apr 5 low has given way. A resumption of intraday weakness would suggest scope for a deeper pullback and highlight potential for a test of 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.

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