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Bullish Outlook

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3705 High Dec 16
  • PRICE: 1.3632 @ 16:45 GMT Dec 20
  • SUP 1: 1.3567/3519 20-day EMA / Low Dec 14
  • SUP 2: 1.3436/3385 Former trendline resistance / Low Dec 5
  • SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD traded higher last Friday and pierced 1.3700, the Dec 7 high. The outlook remains bullish. The recent break of trendline resistance, drawn from the Oct 13 high, has strengthened bullish conditions and this has opened 1.3751, the Nov 4 high. On the downside, a break below the former trendline resistance - at 1.3436 - would be bearish and expose 1.3385, the Dec 5 low. Initial key support lies at 1.3519, the Dec 14 low.

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