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Building Base for Recovery

USDCAD TECHS
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3742 2.0% 10-dma envelope
  • RES 2: 1.3705 Dec 16 and the bull trigger
  • RES 1: 1.3665 High Feb 24
  • PRICE: 1.3564 @ 16:02 GMT Feb 24
  • SUP 1: 1.3275/3262 Low Feb 14 / 2
  • SUP 2: 1.3226 Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3131 0.764 proj of the Oct 13 - Nov 15 - Dec 16 price swing

USDCAD rallied solidly Friday, topping the recent high of 1.3537. This defies the view that the recent bounce was corrective, as the pair builds a base for further gains. The bull trigger is still someway off at 1.3705, but a weekly close above the 1.3500 would prove constructive. A break of 1.3262, Feb 2 low, would strengthen bearish conditions and open 1.3226, the Nov 15 low and the bear trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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