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Bullish Structure

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3804 High Apr 9
  • PRICE: 1.3759 @ 16:30 BST May 1
  • SUP 1: 1.3632 Low Apr 29
  • SUP 2: 1.3615 50-day EMA
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

USDCAD traded sharply higher Tuesday. A bullish trend condition remains intact and the most recent pullback appears to have been a correction. The pair has recently cleared 1.3614, the Mar 19, 22, 25 and 29 highs, strengthening a bullish theme. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Key support to watch 1.3615, the 50-day EMA.

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  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3804 High Apr 9
  • PRICE: 1.3759 @ 16:30 BST May 1
  • SUP 1: 1.3632 Low Apr 29
  • SUP 2: 1.3615 50-day EMA
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

USDCAD traded sharply higher Tuesday. A bullish trend condition remains intact and the most recent pullback appears to have been a correction. The pair has recently cleared 1.3614, the Mar 19, 22, 25 and 29 highs, strengthening a bullish theme. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Key support to watch 1.3615, the 50-day EMA.