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Bull Cycle Remains Intact

USDCAD TECHS
  • RES 4: 1.3661 High Nov 27
  • RES 3: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 2: 1.3608 High Dec 13
  • RES 1: 1.3542 High Jan 17
  • PRICE: 1.3493 @ 07:58 GMT Jan 18
  • SUP 1: 1.3398/43 2-day EMA / Low Jan 12
  • SUP 2: 1.3288/3177 Low Jan 5 / Low Dec 27
  • SUP 3: 1.3093 Low Jul 14 and key support
  • SUP 4: 1.3055 2.0% 10-dma envelope

USDCAD maintains a firmer tone and traded higher yesterday. This week’s rally has resulted in a move above the 50-day EMA, at 1.3458. The break higher confirms an extension of the corrective bull cycle that started Dec 27 last year and opened 1.3538, 50.0% of the Nov 1 - Dec 27 bear leg. This level has been pierced, a clear break would open 1.3608, the Dec 13 high. Support to watch is 1.3343, the Jan 12 low.

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