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Bull Trigger Crossed

USDCAD TECHS
  • RES 4: 1.3880 2.0% 10-dma envelope
  • RES 3: 1.3855 High Oct 21
  • RES 2: 1.3808 High Nov 23
  • RES 1: 1.3744 High Mar 7
  • PRICE: 1.3740 @ 16:34 GMT Mar 7
  • SUP 1: 1.3525 20-day EMA
  • SUP 2: 1.3486 50-day EMA
  • SUP 3: 1.3400 Round number support
  • SUP 4: 1.3358 Low Feb 16

USDCAD made a convincing break higher Tuesday, taking out the bull trigger at the Dec 16 high of 1.3705. This reinforces bullish conditions, clearing the way for a test on the 1.3800 handle and above. Next upside levels to watch are the 1.3808 Nov 23 high and the 2.0% 10-dma envelope of 1.3880. The support to watch lies at the 50-day EMA - it intersects at 1.3486. A clear breach of this average would be seen as a short-term bearish development.

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