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Bullish Theme

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: 1.3586 High Feb 13 and the bull trigger
  • PRICE: 1.3526 @ 20:42 GMT Feb 27
  • SUP 1: 1.3413/3359 Low Feb 09 / Jan 31 and key S/T support
  • SUP 2: 1.3343 Low Jan 12
  • SUP 3: 1.3288 Low Jan 5
  • SUP 4: 1.3229 Low Feb 1

USDCAD extends this week’s recovery. The trend structure remains bullish and the recent pullback appears to have been a correction. The pair recently breached resistance at 1.3544, the Feb 5 / 6 high and bull trigger. This confirms a resumption of the bull cycle that started Dec 27 and opens 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg. Key support to watch lies at 1.3359, the Jan 31 low. Initial firm support has been defined at 1.3413, the Feb 9 low.

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