April 25, 2024 20:00 GMT
Corrective Cycle Still In Play
USDCAD TECHS
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3855 High Nov 10 2023
- RES 2: 1.3804/46 High Apr 19 / 16
- RES 1: 1.3763 High Apr 22
- PRICE: 1.3695 @ 16:39 BST Apr 25
- SUP 1: 1.3655 Low Apr 24
- SUP 2: 1.3602 50-day EMA
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
USDCAD is trading closer to this week’s low. A bullish trend condition remains intact and the most recent pullback appears to be a correction. The pair has recently cleared resistance at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Key support to watch lies at the 50-day EMA, at 1.3602 today.
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