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Corrective Phase

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3977/78 High Oct 13 / 2.0% 10-dma envelope
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3814/3862 High Mar 15 / 10
  • PRICE: 1.3774 @ 17:17 GMT Mar 15
  • SUP 1: 1.3634 20-day EMA
  • SUP 2: 1.3547 50-day EMA
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

USDCAD maintains a firmer tone despite the pullback from Friday’s high of 1.3862. The move appears to be a correction and this is allowing an overbought condition to unwind. Last week’s rally strengthened the bullish theme. Price cleared the Dec 16 high of 1.3705 and has also traded above 1.3800. Scope is seen for gains towards 1.3977, the Oct 13 high. Initial support is seen at 1.3678, the Monday low.

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