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Bullish Theme Still In Play

  • RES 4: 1.2763 High Feb 12
  • RES 3: 1.2749 High Feb 26 and key resistance
  • RES 2: 1.2700 High Mar 8
  • RES 1: 1.2627/47 50-day EMA / High Mar 30
  • PRICE: 1.2534 @ 06:49 GMT Apr 6
  • SUP 1: 1.2502 Low Apr 5
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

USDCAD traded lower yesterday extending the pullback from recent highs. Short-term trend conditions remain bullish though and attention is on resistance at 1.2647, Mar 30 high and the bull trigger. A break would confirm a resumption of the recovery that started Mar 18 and would open 1.2749, Feb 26 high. On the downside, an extension lower would instead expose the key support and bear trigger at 1.2365.

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