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Holding Onto Its Recent Gains

  • RES 4: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 3: 1.3113 High Nov 23 2020
  • RES 2: 1.3077 High May 16 and the bull trigger
  • RES 1: 1.2995 High June 15
  • PRICE: 1.2965 @ 07:04 BST Jun 17
  • SUP 1: 1.2861/2774 Low Jun 16 / 20-day EMA
  • SUP 2: 1.2518 Low Jun 8 and key support
  • SUP 3: 1.2459 Low Apr 21
  • SUP 4: 1.2403 Low Apr 5 and key support

USDCAD is trading closer to its recent highs and the outlook remains bullish. A fresh short-term trend high on Wednesday reinforces bullish conditions. This week’s gains have also resulted in a break of 1.2945, 76.4% of the bear leg between May 12 - Jun 8. The breach is a positive development and signals potential for a climb towards key resistance at 1.3077, the May 16 high. Initial firm support is at 1.2774, the 20-day EMA.

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