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Bullish Engulfing Candle Still In Play

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2848 High Dec 27 and a key near-term resistance
  • RES 1: 1.2814 High Jan 6
  • PRICE: 1.2654 @ 17:06 GMT Jan 7
  • SUP 1: 1.2631/2621 Low Jan 7 / Low Dec 31 and the bear trigger
  • SUP 2: 1.2608 Low Dec 8 and key support
  • SUP 3: 1.2585 Low Nov 19
  • SUP 4: 1.2546 Low 61.8% retracement of the Oct - Dec rally

Despite pulling back from Thursday’s high, the USDCAD short-term outlook remains bullish and price remains above last week’s low of 1.2621 on Dec 31 - a key short-term support. Monday’s rally is a bullish engulfing candle. The pattern highlights a base at 1.2621 and scope for a climb towards 1.2848, Dec 27 high and a key near-term resistance. On the downside, sub 1.2621 levels would cancel the reversal pattern and instead open 1.2608, Dec 8 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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