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Bulls Remain In Charge

USDCAD TECHS
  • RES 4: 1.2737 High Mar 5
  • RES 3: 1.2653 High Apr 21 and a key resistance
  • RES 2: 1.2535 High Apr 22
  • RES 1: 1.2501 61.8% retracement of the Apr 21 - Jun 1 sell-off
  • PRICE: 1.2380 @ 06:52 BST Jun 22
  • SUP 1: 1.2339 Low Jun 18
  • SUP 2: 1.2251 50-day EMA
  • SUP 3: 1.2206 20-day EMA
  • SUP 4: 1.2057/2007 Low Jun 7 / Low May 18

USDCAD is trading closer to recent highs. The recent break of 1.2203, May 6 high confirmed a short-term reversal and the pair has also cleared the 50-day EMA, reinforcing current bullish conditions. The focus is on 1.2501, a Fibonacci retracement. A break would open 1.2653, high Apr 21 and an important resistance. Initial support is seen at 1.2339, Friday's low. Dips would be considered corrective.

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