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USDCAD TECHS: Bullish Flag Formation

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4578 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: 1.4388 @ 16:13 GMT Dec 30
  • SUP 1: 1.4336 Low Dec 20  
  • SUP 2: 1.4269/4093 20- and 50-day EMA values 
  • SUP 3: 1.4011 Low Dec 5 
  • SUP 4: 1.3928 Low Nov 25 and a key support 

USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The latest pause appears to be a flag formation - a bullish continuation signal. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4269, the 20-day EMA. A pullback would be considered corrective.   

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  • RES 4: 1.4578 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: 1.4388 @ 16:13 GMT Dec 30
  • SUP 1: 1.4336 Low Dec 20  
  • SUP 2: 1.4269/4093 20- and 50-day EMA values 
  • SUP 3: 1.4011 Low Dec 5 
  • SUP 4: 1.3928 Low Nov 25 and a key support 

USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The latest pause appears to be a flag formation - a bullish continuation signal. Note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4269, the 20-day EMA. A pullback would be considered corrective.