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Corrective Cycle

USDCAD TECHS
  • RES 4: 1.3035 2.0% 10-dma envelope
  • RES 3: 1.3024 38.2% retracement of the Mar ‘20 - Jun ‘21 downleg
  • RES 2: 1.2964 High Dec 20 2021 and a key bull trigger
  • RES 1: 1.2914 High May 2 and the bull trigger
  • PRICE: 1.2850 @ 17:16 BST May 5
  • SUP 1: 1.2714/2674 Low Apr 29 / 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD slipped Wednesday before bouncing firmly into the Thursday close. This week’s move lower is still considered corrective and the broader trend needle continues to point north. Key short-term support lies at the 50-day EMA, at 1.2674, where a break is required to suggest potential for a deeper sell-off. Monday’s high print of 1.2914 reinforced bullish conditions. A resumption of gains would refocus attention on this key short-term resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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