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Pullback Considered Corrective

USDCAD TECHS
  • RES 4: 1.2916 1.382 proj of Jun 1 - 21- 23 price swing
  • RES 3: 1.2881 High Jan 28
  • RES 2: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • RES 1: 1.2730 High Jul 20
  • PRICE: 1.2555 @ 06:53 BST Jul 27
  • SUP 1: 1.2526 Low Jul 21
  • SUP 2: 1.2502/2428 Low Jul 15 / Low Jul 14
  • SUP 3: 1.2303/2253 Low Jul 6 / Low Jun 23 and a key support
  • SUP 4: 1.2157 Low Jun 16

Despite the strong move lower last week, the USDCAD outlook remains bullish and the pullback is likely a correction. On Jul 16, resistance at 1.2590, Jul 8 high was breached. This confirmed a resumption of the uptrend that started Jun 1. Moving average conditions are in a bull mode and this reinforces the current trend direction. Attention is on the 1.2846 Fibonacci projection and 1.2881, Jan 28 high. Watch support at 1.2502.

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