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Heading North

USDCAD TECHS
  • RES 4: 1.3899 High Nov 1 and a key resistance
  • RES 3: 1.3855 High Nov 10 2023
  • RES 2: 1.3765 High Nov 22 2023
  • RES 1: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • PRICE: 1.3722 @ 08:07 BST Apr 12
  • SUP 1: 1.3576 20-day EMA
  • SUP 2: 1.3478/20 Low Apr 4 / Low Mar 8 and the bear trigger
  • SUP 3: 1.3359 Low Jan 31 and key S/T support
  • SUP 4: 1.3343 Low Jan 12

USDCAD bulls remain in the driver’s seat and this week’s break higher confirmed a resumption of the current uptrend. Resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high, has been cleared This paves the way for gains towards 1.3729, a Fibonacci retracement, and 1.3765, the Nov 22 ‘23 high. Moving average studies are in a bull-mode position, highlighting a clear rising trend. Initial firm support lies at 1.3478, the Apr 4 low.

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