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Bullish Pressure Returns

USDCAD TECHS
  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2629 2.0% 10-dma envelope
  • RES 2: 1.2535 High Apr 22
  • RES 1: 1.2519 High Jul 7
  • PRICE: 1.2501 @ 17:18 BST Jul 7
  • SUP 1: 1.2303/2253 Low Jul 6 / Low Jun 23 and a key S/T support
  • SUP 2: 1.2157 Low Jun 16
  • SUP 3: 1.2057 Low Jun 7
  • SUP 4: 1.2007 Low May 18 and key support

USDCAD rallied Wednesday, bouncing off support at 1.2303. Weaker Oil prices also provided support. The pair has topped resistance at 1.2487, Jun 21 high as well as the 1.2501 Fibonacci retracement. A bullish theme follows the recovery between Jun 1 - 21 that confirmed a reversal. The break opens 1.2653, Apr 21 high and an important resistance. Firm trend support lies at 1.2253, Jun 23 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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