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Consolidating

USDCAD TECHS
  • RES 4: 1.3040 2.0% 10-dma envelope
  • RES 3: 1.2957 High Dec 21 and key resistance
  • RES 2: 1.2915 High Dec 23
  • RES 1: 1.2881 High Jan 28
  • PRICE: 1.2767 @ 06:46 GMT Feb 8
  • SUP 1: 1.2738 Low Jan 29
  • SUP 2: 1.2686 Low Jan 27 and key near-term support
  • SUP 3: 1.2635 Low Jan 22
  • SUP 4: 1.2590 Low Jan 21 and major support

USDCAD is consolidating. In terms of price patterns, this recent consolidation appears to be a pennant - a continuation pattern. This reinforces the current bullish outlook with the pair likely to extend the current corrective recovery following the recent rebound off cycle lows at 1.2590. The focus is on 1.2957, Dec 21 high. On the downside, firm near-term support is seen at 1.2686, Jan 27 low. A break would be bearish.

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