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Corrective Cycle Still In Play

  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2845/81 High Feb 4 / High Jan 28
  • RES 2: 1.2763/42 High Feb 12
  • RES 1: 1.2749 High Feb 26
  • PRICE: 1.2678 @ 06:39 GMT Mar 2
  • SUP 1: 1.2587 Low Feb 26
  • SUP 2: 1.2468/51 Low Feb 25 / Low Feb 16, 2018 Low
  • SUP 3: 1.2386 2.0% 10-dma envelope
  • SUP 4: 1.2276 Trendline Drawn From May 2015 Low

USDCAD maintains a firmer short-term tone following the strong recovery from last week's low of 1.2468 on Feb 25. Price has so far stalled at the 50-day EMA that intersects at 1.2739 today. A breach of the average would signal scope for stronger gains towards 1.2881, Jan 28 high. On the downside, a move through 1.2468 would resume bearish pressure towards support drawn off the May 2015 low, a trendline that lies at 1.2276 this week.

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