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Heading North

USDCAD TECHS
  • RES 4: 1.2783 76.4% retracement of the Mar 8 - Apr 5 bear leg
  • RES 3: 1.2711 61.8% retracement of the Mar 8 - Apr 5 bear leg
  • RES 2: 1.2699 High Mar 17
  • RES 1: 1.2656 Intraday high
  • PRICE: 1.2604 @ 16:10 BST Apr 12
  • SUP 1: 1.2533 Low Apr 7
  • SUP 2: 1.2479 Low Apr 6
  • SUP 3: 1.2403/2395 Low Apr 5 / 1.0% 10-dma envelope
  • SUP 4: 1.2387 Low Nov 10 2021

USDCAD has traded higher again, extending last week’s reversal from 1.2403, the Apr 5 low. Price action on Apr 5, in Japanese candlestick terms, is a long-legged doji. This is a short-term reversal signal and continues to suggest scope for an extension higher. The 50-day EMA, at 1.2629 and the 200 DMA, at 1.2623, have been breached. This opens 1.2699 next, the Mar 17 high. Initial support to watch is at 1.2533, the Apr 7 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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