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Bull Cycle Extends

USDCAD TECHS
  • RES 4: 1.3173 High Nov 13, 2020
  • RES 3: 1.3091 High Nov 24, 2020
  • RES 2: 1.3024/39 38.2% Mar ‘20-Jun ‘21 downleg / 2.0% 10-dma env
  • RES 1: 1.2964 High Dec 20
  • PRICE: 1.2925 @ 06:58 GMT Dec 21
  • SUP 1: 1.2882/2764 Low Dec 20 , Dec 16 and key S/T support
  • SUP 2: 1.2706 Low Dec 13
  • SUP 3: 1.2608 Low Dec 8 and key support
  • SUP 4: 1.2585 Low Nov 19

USDCAD traded higher yesterday, confirming a resumption of its current uptrend and probed the key resistance at 1.2949, Aug 20 high. Monday’s price action also negates the recent shooting star reversal pattern posted last week and this reinforces the current bull cycle. A clear breach of 1.2949 would open the 1.3020 level and 1.3091 beyond. To the downside, 1.2764, the Dec 16 low marks first support.

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