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Corrective Pullback Extends

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: 1.3804/46 High Apr 19 / 16
  • PRICE: 1.3671 @ 16:29 BST Apr 23
  • SUP 1: 1.3656 Low Apr 23
  • SUP 2: 1.3595 50-day EMA
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

USDCAD traded lower again Tuesday. Nonetheless, a bullish trend condition remains intact and the most recent pullback appears to be a correction, as an overbought condition unwinds. 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. Support lies at 1.3671, the 20-day EMA.

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