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Clears Resistance At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3608 High Dec 13
  • RES 2: 1.3538 50.0% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3520 High Dec 14
  • PRICE: 1.3491 @ 08:08 GMT Jan 16
  • SUP 1: 1.3343 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: 1.3055 2.0% 10-dma envelope

USDCAD is trading higher today and this has resulted in a break of the 50-day EMA, at 1.3454. The break higher confirms an extension of the corrective bull cycle that started on Dec 27 last year. The move higher signals scope for a continuation and sights are on 1.3538, a Fibonacci retracement. Note that price is also through the 200 dma, a bullish development. Support to watch is 1.3343, the Jan 12 low.

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