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Corrective Phase Still In Play

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3977 High Oct 13
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3814/3862 High Mar 15 / 10 and the bull trigger
  • PRICE: 1.3740 @ 16:49 GMT Mar 16
  • SUP 1: 1.3652 Low Mar 14
  • SUP 2: 1.3555 50-day EMA
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

USDCAD maintains a firmer tone. The recent move lower 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 traded above 1.3800. Scope is seen for gains towards 1.3977, the Oct 13 high. Initial support is seen at 1.3652, Tuesday’s low. Key short-term resistance and the bull trigger is at 1.3862, the Mar 10 high.

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  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3977 High Oct 13
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3814/3862 High Mar 15 / 10 and the bull trigger
  • PRICE: 1.3740 @ 16:49 GMT Mar 16
  • SUP 1: 1.3652 Low Mar 14
  • SUP 2: 1.3555 50-day EMA
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

USDCAD maintains a firmer tone. The recent move lower 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 traded above 1.3800. Scope is seen for gains towards 1.3977, the Oct 13 high. Initial support is seen at 1.3652, Tuesday’s low. Key short-term resistance and the bull trigger is at 1.3862, the Mar 10 high.