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Bullish Trend 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: 1.3785 High Apr 30
  • PRICE: 1.3738 @ 07:57 BST May 9
  • SUP 1: 1.3634 50-day EMA
  • SUP 2: 1.3610 Low May 3
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

A bullish trend condition in USDCAD remains intact for now and the recent move lower appears to have been a correction. Key support to watch is 1.3634, the 50-day EMA. This average was pierced last Friday, but remains intact as a support, for now. A continuation higher would expose the key resistance and bull trigger at 1.3846, the Apr 16 high. Note that moving average studies are in a bull-mode position, highlighting an uptrend.

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