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USDCAD TECHS: Bulls Remain In The Driver’s Seat

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4669 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4485 High Jan 17  
  • PRICE: 1.4467 @ 20:13 GMT Jan 17 
  • SUP 1: 1.4364/4302 20-day EMA / Low Jan 15  
  • SUP 2: 1.4280 Low Jan 6 
  • SUP 3: 1.4216 50-day EMA
  • SUP 4: 1.4011 Low Dec 5

The trend in USDCAD remains bullish and recent short-term weakness has proved to be corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Friday’s gains expose 1.4508 next, a Fibonacci projection level. 1.4352, the 20-day EMA, has been pierced. A clear break of it would open 1.4216, the 50-day EMA.

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  • RES 4: 1.4669 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4485 High Jan 17  
  • PRICE: 1.4467 @ 20:13 GMT Jan 17 
  • SUP 1: 1.4364/4302 20-day EMA / Low Jan 15  
  • SUP 2: 1.4280 Low Jan 6 
  • SUP 3: 1.4216 50-day EMA
  • SUP 4: 1.4011 Low Dec 5

The trend in USDCAD remains bullish and recent short-term weakness has proved to be corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Friday’s gains expose 1.4508 next, a Fibonacci projection level. 1.4352, the 20-day EMA, has been pierced. A clear break of it would open 1.4216, the 50-day EMA.