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Clears Resistance

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 3: 1.3018 2.0% 10-dma envelope
  • RES 2: 1.2949 High Aug 20 and a key resistance
  • RES 1: 1.2896 High Sep 20
  • PRICE: 1.2856 @ 06:54 GMT Dec 15
  • SUP 1: 1.2709 20-day EMA
  • SUP 2: 1.2608 Low Dec 8 and key support
  • SUP 3: 1.2585 Low Nov 19
  • SUP 4: 1.2493 Low Nov 16

USDCAD continues to trade higher. The pair has breached resistance at 1.2854, the Dec 3 high. The break confirms a resumption of the uptrend that started Oct 21 and sets sights on 1.2896, Sep 20 high and 1.2949, the Aug 20 high. A break of the latter resistance would represent an important bullish development. Initial firm support is seen at the 20-day EMA, at 1.2709. The key support is at 1.2608, Dec 8 low.

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