Failed Break Higher

• RES 4: 1.2763 High Feb 12
• RES 3: 1.2749 High Feb 26 and key resistance
• RES 2: 1.2700 High Mar 8
• RES 1: 1.2647 High Mar 30 and the short-term bull trigger
• PRICE: 1.2540 @ 17:25 BST Apr 13
• SUP 1: 1.2502 Low Apr 5 and key near-term support
• SUP 2: 1.2462 Low Mar 19
• SUP 3: 1.2365 Low Mar 18 and the bear trigger
• SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

The USDCAD outlook remains bullish, but Tuesday saw a failed break higher for the pair. The bullish theme follows the recent recovery from 1.2502, Apr 5 low. Short-term trend signals continue to point north and attention is on resistance at 1.2647, Mar 30 high and the bull trigger. A break of this hurdle would confirm a resumption of the recovery that started Mar 18 and would open 1.2749, Feb 26 high. Key near-term support is 1.2502 where a break would instead signal the resumption of bearish activity.