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USDCAD TECHS

Bullish Price Structure

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Key Support Still Exposed

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Corrective Pullback

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 2021
  • RES 3: 1.2936 2.0% 10-dma envelope
  • RES 2: 1.2901 High Mar 8
  • RES 1: 1.2880 High Apr 28
  • PRICE: 1.2804 @ 16:59 BST Apr 29
  • SUP 1: 1.2648 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 remains bullish and added to the week’s gains Thursday. However, the pullback from 1.2880, Thursday’s high, highlights potential for a short-term correction. A key near-term support lies at 1.2648, the 50-day EMA. A clear break of this support is required to suggest scope for a deeper pullback. For bulls, a resumption of gains would refocus attention on 1.2901, the Mar 8 high. This is also the bull trigger.

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  • RES 4: 1.2964 High Dec 20 2021
  • RES 3: 1.2936 2.0% 10-dma envelope
  • RES 2: 1.2901 High Mar 8
  • RES 1: 1.2880 High Apr 28
  • PRICE: 1.2804 @ 16:59 BST Apr 29
  • SUP 1: 1.2648 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 remains bullish and added to the week’s gains Thursday. However, the pullback from 1.2880, Thursday’s high, highlights potential for a short-term correction. A key near-term support lies at 1.2648, the 50-day EMA. A clear break of this support is required to suggest scope for a deeper pullback. For bulls, a resumption of gains would refocus attention on 1.2901, the Mar 8 high. This is also the bull trigger.