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USDCAD TECHS: MA Set-Up Highlights A Dominant Uptrend

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4578 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4467 High Dec 19 
  • PRICE: 1.4411 @ 16:08 GMT Dec 27
  • SUP 1: 1.4301 Low Dec 18  
  • SUP 2: 1.4209/4041 20- and 50-day EMA values 
  • SUP 3: 1.3928 Low Nov 25 and a key support
  • SUP 4: 1.3822 Low Nov 6

USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4209, the 20-day EMA. A pullback would be considered corrective.   

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  • RES 4: 1.4578 2.0% 10-dma envelope
  • RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
  • RES 1: 1.4467 High Dec 19 
  • PRICE: 1.4411 @ 16:08 GMT Dec 27
  • SUP 1: 1.4301 Low Dec 18  
  • SUP 2: 1.4209/4041 20- and 50-day EMA values 
  • SUP 3: 1.3928 Low Nov 25 and a key support
  • SUP 4: 1.3822 Low Nov 6

USDCAD bulls remain in the driver’s seat and the pair is holding on to the bulk of its recent gains. The recent breach of 1.4178, the Nov 26 high, confirmed a resumption of the uptrend and note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. Initial firm support to watch lies at 1.4209, the 20-day EMA. A pullback would be considered corrective.