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USDCAD TECHS: Fades Fast Off Highs

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 3: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4499 2.0% 10-dma envelope
  • RES 1: 1.4467 Intraday high 
  • PRICE: 1.4352 @ 16:34 GMT Dec 19
  • SUP 1: 1.4301 Low Dec 18  
  • SUP 2: 1.4151/3998 20- and 50-day EMA values 
  • SUP 3: 1.3928 Low Nov 25 and a key support
  • SUP 4: 1.3822 Low Nov 6

USDCAD bulls remain in the driver’s seat and the pair once again traded sharply higher on Wednesday. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4151, the 20-day EMA. A pullback would be considered corrective.   

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  • RES 4: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 3: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4499 2.0% 10-dma envelope
  • RES 1: 1.4467 Intraday high 
  • PRICE: 1.4352 @ 16:34 GMT Dec 19
  • SUP 1: 1.4301 Low Dec 18  
  • SUP 2: 1.4151/3998 20- and 50-day EMA values 
  • SUP 3: 1.3928 Low Nov 25 and a key support
  • SUP 4: 1.3822 Low Nov 6

USDCAD bulls remain in the driver’s seat and the pair once again traded sharply higher on Wednesday. While price faded into the Thursday close, the recent breach of 1.4178, the Nov 26 high, confirmed resumption of the uptrend and this maintains the price sequence of higher highs and higher lows. The latest rally opens 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4151, the 20-day EMA. A pullback would be considered corrective.