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Holding On To This Week’s Gains

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 2021
  • RES 3: 1.2937 2.0% 10-dma envelope
  • RES 2: 1.2901 High Mar 8
  • RES 1: 1.2880 High Apr 28
  • PRICE: 1.2822 @ 17:23 BST Apr 28
  • SUP 1: 1.2641 50-day EMA
  • SUP 2: 1.2568 Low Apr 22
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and a key support

USDCAD remains bullish and added to the week’s gains Thursday. The recent break of 1.2676, the Apr 13 high, and the subsequent follow through strengthened bullish conditions. The focus is on 1.2901 next, the Mar 8 high. On the downside, initial firm support is at 1.2641, the 50-day EMA. A clear break of this area is required to reinstate a bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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