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Bull Trigger Appears Exposed

USDCAD TECHS
  • RES 4: 1.3078 2.0% 10-dma envelope
  • RES 3: 1.3029 High Nov 25 2020
  • RES 2: 1.2964 High Dec 20 2021 and a key bull trigger
  • RES 1: 1.2964 High Dec 20 2021 and a key bull trigger
  • PRICE: 1.2945 @ 07:04 BST May 9
  • SUP 1: 1.2814 Low May 6
  • SUP 2: 1.2714/2688 Low Apr 29 / 50-day EMA
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD is trading higher today and has cleared resistance at 1.2914, the May 2 high. The breach of this hurdle reinforces current bullish conditions and exposes key resistance at 1.2964, the Dec 20 2021 high and a bull trigger. A break would be seen as an important medium-term bullish technical development. Key short-term trend support has been defined at 1.2714, the May 5 low.

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