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Probes The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3024 38.2% retracement of the Mar ‘20 - Jan ‘21 bear cycle
  • RES 3: 1.2964 High Dec 20 and a key resistance
  • RES 2: 1.2924 High Dec 22
  • RES 1: 1.2842/2901 High Mar 10 / High Mar 8
  • PRICE: 1.2772 @ 08:28 GMT Mar 14
  • SUP 1: 1.2714/2694 50-day EMA / Low Mar 11
  • SUP 2: 1.2587 Low Mar 3
  • SUP 3: 1.2552 76.4% retracement of the Jan 19 - Feb 24 rally
  • SUP 4: 1.2499 Low Jan 21

USDCAD remains below last week’s high of 1.2901 on Mar 8. The pair has traded through the 20-day EMA and the focus is on the 50-day EMA, at 1.2714 - a key support. The average was probed Friday and a clear break would signal scope for a deeper retracement of the recent Mar 3 - 8 rally. On the upside, clearance of 1.2901 is required to reinstate the recent bullish focus and resume the uptrend that started mid-January.

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