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Needle Still Points North

USDCAD TECHS
  • RES 4: 1.2737 High Mar 5
  • RES 3: 1.2688 2.0% 10-dma envelope
  • RES 2: 1.2653 High Apr 21 and a key resistance
  • RES 1: 1.2590 High Jul 8
  • PRICE: 1.2511 @ 20:12 BST Jul 14
  • SUP 1: 1.2428 Low Jul 14
  • SUP 2: 1.2303/2253 Low Jul 6 / Low Jun 23 and a key support
  • SUP 3: 1.2157 Low Jun 16
  • SUP 4: 1.2057 Low Jun 7

USDCAD bounced off Wednesday's low and the outlook is bullish. Gains last week resulted in a break of resistance at 1.2487, Jun 21 high. The break confirms a resumption of the uptrend that started Jun 1 and also establishes a bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode condition too. The focus is on 1.2653, Apr 21 high and an important resistance. Firm trend support lies at 1.2253, Jun 23 low.

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