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Holding Above Last Week’s Lows

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and the bull trigger
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2848 High Dec 27 and a key near-term resistance
  • RES 1: 1.2779 High Jan 4
  • PRICE: 1.2699 @ 17:01 GMT Jan 5
  • SUP 1: 1.2621 Low Dec 31 and the bear trigger
  • SUP 2: 1.2608 Low Dec 8 and key support
  • SUP 3: 1.2585 Low Nov 19
  • SUP 4: 1.2546 Low 61.8% retracement of the Oct - Dec rally

USDCAD traded higher Monday, but has faded since. The pair however remains above last week’s low of 1.2621 on Dec 31. Looking at patterns, Monday’s rally appears to be a bullish engulfing candle. If correct, this signals a potential base at 1.2621. A resumption of strength would open 1.2848, Dec 27 high and a key near-term resistance. On the downside, sub 1.2621 levels would cancel the reversal pattern and instead open 1.2608, the Dec 8 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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