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Bullish Price Action

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3787 High Apr 12
  • PRICE: 1.3762 @ 16:32 BST Apr 15
  • SUP 1: 1.3682/3595 Low Apr 12 / 20-day EMA
  • SUP 2: 1.3478/20 Low Apr 4 / Low Mar 8 and the bear trigger
  • SUP 3: 1.3359 Low Jan 31 and key S/T support
  • SUP 4: 1.3343 Low Jan 12

USDCAD bulls remain in the driver’s seat and last week’s break higher confirmed a resumption of the current uptrend. The pair has cleared resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. This paves the way for gains towards 1.3855 next, the Nov 10 ‘23 high. Moving average studies are in a bull-mode position, highlighting a clear rising trend. Initial firm support lies at 1.3478, the Apr 4 low.

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