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Needle Still Points South

USDCAD TECHS
  • RES 4: 1.3077 High May 16 and the bull trigger
  • RES 3: 1.2982 High May 16
  • RES 2: 1.2896 High May 18 and a key resistance
  • RES 1: 1.2774 20-day EMA
  • PRICE: 1.2668 @ 07:25 BST Jun 2
  • SUP 1: 1.2609 Low Jun 1
  • SUP 2: 1.2562 61.8% retracement of the Apr 5 - May 12 bull run
  • SUP 3: 1.2497 2.0% 10-dma envelope
  • SUP 4: 1.2459 Low Apr 21

USDCAD maintains a softer tone following the reversal that started May 12. The cross has recently cleared both the 20- and 50-day EMAs and has registered a print below 1.2660, the 61.8% retracement of the bull run from Apr 5 - May 12. A clear break of this level would open 1.2562, the 76.4% retracement. On the upside, a key short-term resistance has been defined at 1.2896, the May 18 high. Initial resistance is at 1.2774, the 20-day EMA.

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