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Corrective Cycle

USDCAD TECHS
  • RES 4: 1.2749 High Feb 26 and the bull trigger
  • RES 3: 1.2700 High Mar 8
  • RES 2: 1.2645 50-day EMA
  • RES 1: 1.2629 High Mar 25
  • PRICE: 1.2571 @ 06:45 GMT Mar 26
  • SUP 1: 1.2516 Low Mar 23
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

This week's USDCAD recovery remains intact and the pair edged higher again Thursday. Recent gains are still considered corrective, however the continued push higher does suggest scope for an extension of this upleg. The pair has cleared the 20-day EMA and the focus is on the 50-day EMA at 1.2645. On the downside, initial firm support is seen at 1.2516, Mar 23 low. A break would refocus attention on major support at 1.2365.

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