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Holding On To Its Recent Gains

  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3700 High Dec 7
  • PRICE: 1.3620 @ 07:55 GMT Dec 13
  • SUP 1: 1.3493/3385 Former trendline resistance / Low Dec 5
  • SUP 2: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 3: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally
  • SUP 4: 1.3139 Low Sep 14

USDCAD continues to consolidate and is trading closer to its recent highs as the pair holds on to its latest gains. The short-term outlook is bullish. Last week’s gains resulted in a break of trendline resistance drawn from the Oct-13 high. The trendline intersects at 1.3493 and represents support. Attention is on 1.3751 next, the Nov 4 high and 1.3808, the Nov 3 high. The latter is a key resistance and a break would strengthen bullish conditions.

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