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Pierces The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3751 High Nov 4
  • RES 3: 1.3705 Dec 16 and the bull trigger
  • RES 2: 1.3665 High Jan 6
  • RES 1: 1.3521 High Jan 19
  • PRICE: 1.3453 @ 08:02 GMT Jan 20
  • SUP 1: 1.3322 Low Jan 13
  • SUP 2: 1.3317 Low Nov 24 / 25
  • SUP 3: 1.3226 Low Nov 15 and bear trigger
  • SUP 4: 1.3205 61.8% retracement of the Aug 11 - Oct 13 rally

USDCAD is trading closer to its recent highs. This week’s move higher has resulted in a print above 1.3500, the 50-day EMA. A clear breach of this area of resistance would signal potential for a stronger recovery near-term and open 1.3665, the Jan 6 high. Key resistance is at 1.3705, the Dec 16 high . Key short-term support has been defined at 1.3322, the Jan 13 low. A break would resume recent bearish activity.

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