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Clears Resistance

USDCAD TECHS
  • RES 4: 1.3855 High Nov 10 2023
  • RES 3: 1.3765 High Nov 22 2023
  • RES 2: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3695 High Apr 10
  • PRICE: 1.3689 @ 16:32 BST Apr 10
  • SUP 1: 1.3478/20 Low Apr 4 / Low Mar 8 and the bear trigger
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD rallied Wednesday and the break higher confirms a resumption of the current uptrend. The move higher confirms a clear break of resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. The break higher paves the way for gains towards 1.3729, a Fibonacci retracement. Moving average studies are in a bull-mode position, highlighting a clear rising trend. Initial firm support lies at 1.3478, the Apr 4 low.

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