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Pierces The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13
  • RES 3: 1.3898 High Oct 14
  • RES 2: 1.3805/3862 High Mar 24 / 10 and the bull trigger
  • RES 1: 1.3695 High Mar 28
  • PRICE: 1.3615 @ 18:30 BST Mar 28
  • SUP 1: 1.3588 Intraday low
  • SUP 2: 1.3562 50.0% retracement of the Feb 2 - Mar 10 rally
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

The current bear cycle in USDCAD remains in play and the pair traded lower yesterday. Price is testing support at the 50-day EMA, at 1.3598. A clear break of the average is required to signal scope for a deeper retracement - this would open 1.3515, the Feb 22 low. On the upside, a reversal higher would refocus attention on resistance at 1.3805, the Mar 24 high. The bull trigger is at 1.3862, the Mar 10 high.

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