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USDCAD TECHS: Key Support Is Intact For Now

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4665 2.0% 10-dma envelope
  • RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4516 High Jan 21  
  • PRICE: 1.4394 @ 08:03 GMT Jan 23 
  • SUP 1: 1.4261 Low Jan 20
  • SUP 2: 1.4239 50-day EMA
  • SUP 3: 1.4120 Low Dec 11 
  • SUP 4: 1.4011 Low Dec 5

USDCAD has traded in a volatile manner this week. Recent price action highlights an important short-term resistance at 1.4516, the Jan 21 low and a support at 1.4261, the Jan 20 low. The trend condition remains bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a clear break of 1.4261 and 1.4239, the 50-day EMA, would instead highlight a possible reversal.

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  • RES 4: 1.4665 2.0% 10-dma envelope
  • RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4516 High Jan 21  
  • PRICE: 1.4394 @ 08:03 GMT Jan 23 
  • SUP 1: 1.4261 Low Jan 20
  • SUP 2: 1.4239 50-day EMA
  • SUP 3: 1.4120 Low Dec 11 
  • SUP 4: 1.4011 Low Dec 5

USDCAD has traded in a volatile manner this week. Recent price action highlights an important short-term resistance at 1.4516, the Jan 21 low and a support at 1.4261, the Jan 20 low. The trend condition remains bullish and a clear breach of 1.4516 would confirm a resumption of the bull cycle. For bears, a clear break of 1.4261 and 1.4239, the 50-day EMA, would instead highlight a possible reversal.