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Bullish Outlook

  • RES 4: 1.3173 High Nov 13 2020
  • RES 3: 1.3168 2.0% 10-dma envelope
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.3077 High May 12
  • PRICE: 1.2933 @ 16:46 BST May 13
  • SUP 1: 1.2914/2814 High May 2 / Low May 6
  • SUP 2: 1.2737/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD faded off the week’s highs into the close of the week, although the outlook remains bullish. Recent gains have resulted in a breach of 1.2914, May 2 high, and key resistance at 1.2964, the Dec 20 2021 high. The break of the latter marks an important medium-term bullish technical development and reinforces the positive outlook. This has opened 1.3168 next, the upper band of a MA envelope. Initial support is at 1.2914. Key support lies at 1.2714, Apr 29 low.

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