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Clears The 50-Day EMA

  • RES 4: 1.3855 High Oct 21
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3571 High Nov 10
  • RES 1: 1.3646 High Nov 29
  • PRICE: 1.3587 @ 20:52 GMT Nov 29
  • SUP 1: 1.3409 Low Nov 29
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD traded higher Tuesday, clearing resistance at the 50-day EMA. The pair has also pierced trendline resistance drawn from the Oct 13 high. The trendline intersects at 1.3594 and a clear break would strengthen a bullish argument. This would signal scope for a climb towards resistance at 1.3808, the Nov 3 high. On the downside, initial key support has been defined at 1.3317, the Nov 24 / 25 low. A break would reinstate a bearish theme.

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