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Holding Onto Gains

  • RES 4: 1.2984 2.0% 10-dma envelope
  • RES 3: 1.2957 High Dec 21 and key resistance
  • RES 2: 1.2915 High Dec 23
  • RES 1: 1.2881 High Jan 28
  • PRICE: 1.2862@ 06:43 GMT Jan 29
  • SUP 1: 1.2742 20-day EMA
  • SUP 2: 1.2686 Low Jan 27
  • SUP 3: 1.2635 Low Jan 22
  • SUP 4: 1.2590 Low Jan 21

USDCAD appears set to extend the current corrective bounce following a rebound off last week's cycle lows at 1.2590. The break of resistance at 1.2799, Jan 18 high and the move through the 50-day EMA at 1.2820 signals scope for an extension of gains. Prices topped resistance at 1.2880, Dec 24 high, turning focus to 1.2957, Dec 21 high. On the downside, firm near-term support is seen at 1.2686, Jan 27 low.

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