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Extension Higher Seen Likely

USDCAD TECHS
  • RES 4: 1.2988 2.0% 10-dma envelope
  • RES 3: 1.2957 High Dec 21 and key resistance
  • RES 2: 1.2915 High Dec 23
  • RES 1: 1.2881 High Jan 28
  • PRICE: 1.2831 @ 16:37 GMT Feb 1
  • SUP 1: 1.2738 Low Jan 29
  • SUP 2: 1.2686 Low Jan 27
  • SUP 3: 1.2635 Low Jan 22
  • SUP 4: 1.2590 Low Jan 21 and major support

Despite Friday's fade, USDCAD maintains a bullish stance and appears set to extend the current corrective recovery following a recent rebound off cycle lows at 1.2590. The break of resistance at 1.2799, Jan 18 high and a move through the 50-day EMA signals scope for an extension higher. Prices last week topped resistance at 1.2880, Dec 24 high exposing 1.2957, the Dec 21 high. On the downside, firm near-term support is seen at 1.2686, Jan 27 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com