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Outlook Remains Bullish

USDCAD TECHS
  • RES 4: 1.3855 High Oct 21 - Nov 16 bear leg
  • RES 3: 1.3808 High Nov 3 and a key resistance
  • RES 2: 1.3751 High Nov 4
  • RES 1: 1.3617/3705 High Dec 26 / 16 and the bull trigger
  • PRICE: 1.3604 @ 08:20 GMT Dec 29
  • SUP 1: 1.3484 Low Dec 27
  • SUP 2: 1.3357 Former trendline resistance
  • SUP 3: 1.3317/3226 Low Nov 24/25 / Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD remains below its recent highs. Despite the latest pullback, short-term conditions remain bullish. The recent break of trendline resistance, drawn from the Oct 13 high, strengthened the bullish argument and this has opened 1.3751, the Nov 4 high. On the downside, a break below the former trendline resistance - at 1.3357 - would be bearish and expose 1.3317, the Nov 24/25 low.

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