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Bulls Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3661 High Nov 27
  • RES 3: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 2: 1.3608 High Dec 13
  • RES 1: 1.3542 High Jan 17
  • PRICE: 1.3435 @ 08:04 GMT Jan 22
  • SUP 1: 1.3409/3343 20-day EMA / Low Jan 12
  • SUP 2: 1.3288/3177 Low Jan 5 / Low Dec 27
  • SUP 3: 1.3093 Low Jul 14 and key support
  • SUP 4: 1.3158 2.0% 10-dma envelope

USDCAD maintains a firmer tone and the latest pullback is considered corrective. Last week’s gains resulted in a move above the 50-day EMA, at 1.3458, confirming an extension of the corrective bull cycle that started Dec 27 and has exposed 1.3538, 50.0% of the Nov 1 - Dec 27 bear leg. This level has been pierced, a clear break would open 1.3608, the Dec 13 high. Support to watch is 1.3343, Jan 12 low. Initial support is 1.3409, the 20-day EMA.

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