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Corrective Pullback Extends

USDCAD TECHS
  • RES 4: 1.3899 High Nov 1 and a key resistance
  • RES 3: 1.3855 High Nov 10 2023
  • RES 2: 1.3804/46 High Apr 19 / 16
  • RES 1: 1.3714 High Ap 23
  • PRICE: 1.3674 @ 07:59 BST Apr 24
  • SUP 1: 1.3655 Intraday low
  • SUP 2: 1.3598 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. 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. The 20-day EMA has been pierced. Support at the 50-day EMA lies at 1.3598.

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