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Bullish Outlook

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3614 High Mar 19 and bull trigger
  • PRICE: 1.3588 @ 07:56 GMT Mar 20
  • SUP 1: 1.3500/1.3420 50-day EMA / Low Mar 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD traded higher Tuesday and this delivered a print above key short-term resistance at 1.3606, the Feb 28 high and bull trigger. A clear break of this hurdle would confirm a resumption of the uptrend that started late December last year. This would pave the way for a climb towards 1.3623, a Fibonacci retracement and 1.3661, the Nov 27 ‘23 high. Initial firm support lies at 1.3500, the 50-day EMA.

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