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Bullish Outlook

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3668 High Apr 28 and key resistance
  • RES 2: 1.3640 High May 3
  • RES 1: 1.3644 High May 25
  • PRICE: 1.3629 @ 16:19 BST May 25
  • SUP 1: 1.3485/1.3404 Low May 23 / 16
  • SUP 2: 1.3363/15 Low May 11 / 8
  • SUP 3: 1.3302 Low Apr 14 and a key near-term support
  • SUP 4: 1.3275 Low Feb 14

USDCAD traded higher again Thursday and in the process formalised the clearance of resistance at 1.3568, the May 15 high. The break reinforces short-term bullish conditions and sights are set on resistance at 1.3668, the Apr 28 high and a key level. Clearance of this hurdle would strengthen the case for bulls. On the downside, initial support lies at 1.3485, the May 23 low. A break of 1.3404, the May 16 low, is required to reinstate a bearish threat.

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