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USDCAD TECHS: Bull Flag

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4675 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4467 High Dec 19 
  • PRICE: 1.4390 @ 20:50 GMT Jan 9 
  • SUP 1: 1.4331/4280 20-day EMA / Low Jan 6  
  • SUP 2: 1.4232 Low Dec 17 
  • SUP 3: 1.4172 50-day EMA
  • SUP 4: 1.4011 Low Dec 5

The trend set-up in USDCAD remains bullish and the recent move down is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4331, the 20-day EMA, has been pierced. A clear break of the average would open 1.4172, the 50-day EMA.

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  • RES 4: 1.4675 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4467 High Dec 19 
  • PRICE: 1.4390 @ 20:50 GMT Jan 9 
  • SUP 1: 1.4331/4280 20-day EMA / Low Jan 6  
  • SUP 2: 1.4232 Low Dec 17 
  • SUP 3: 1.4172 50-day EMA
  • SUP 4: 1.4011 Low Dec 5

The trend set-up in USDCAD remains bullish and the recent move down is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4331, the 20-day EMA, has been pierced. A clear break of the average would open 1.4172, the 50-day EMA.