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Probes Resistance

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2809 Intraday high
  • PRICE: 1.2726 @ 16:51 GMT Feb 23
  • SUP 1: 1.2689/36 50-day EMA / Low Feb 10 and key S/T support
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD is trading higher and has probed resistance at 1.2797, Jan 28 high and a key short-term resistance. A clear breach of this level would strengthen bullish conditions and open 1.2843, the 76.4% retracement of the Dec 20 - Jan 19 sell-off. Clearance of this level would open 1.2964, the Dec 20 high. Key short-term support has been defined at 1.2636, Feb 10 low where a break is required to alter the picture.

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