April 22, 2024 20:00 GMT
Corrective Pullback
USDCAD TECHS
- RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3855 High Nov 10 2023
- RES 1: 1.3846 High Apr 16
- PRICE: 1.3719 @ 15:35 BST Apr 22
- SUP 1: 1.3715 Low Apr 22
- SUP 2: 1.3667 20-day EMA
- SUP 3: 1.3591 50-day EMA
- SUP 4: 1.3478 Low Apr 4
A bullish trend condition in USDCAD 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, Nov 10 ‘23 high. Note that MA studies remain in a bull-mode position, highlighting a clear rising trend. The pullback from last Tuesday’s high is allowing an overbought condition to unwind. Support lies at 1.3667, the 20-day EMA.
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