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Pullback Considered Corrective

USDCAD TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 1.3977 High Oct 13 and a key resistance
  • RES 3: 1.3935 2.0% 10-dma envelope
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3862 High Mar 10
  • PRICE: 1.3709 @ 16:41 GMT Mar 13
  • SUP 1: 1.3678/3665 Low Mar 13 / High Feb 24
  • SUP 2: 1.3618 20-day EMA
  • SUP 3: 1.3533 50-day EMA
  • SUP 4: 1.3442 Low Feb 20 / 21

USDCAD maintains a firmer tone despite the pullback from Friday’s high of 1.3862. The move down is considered corrective and is allowing an overbought condition to unwind. Last week’s rally strengthened the bullish theme. Price cleared the Dec 16 high of 1.3705 and has also traded above 1.3800. Scope is seen for gains towards the 2.0% 10-dma envelope of 1.3958. Initial support is seen at 1.3678, the Monday low.

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  • RES 4: 1.3977 High Oct 13 and a key resistance
  • RES 3: 1.3935 2.0% 10-dma envelope
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3862 High Mar 10
  • PRICE: 1.3709 @ 16:41 GMT Mar 13
  • SUP 1: 1.3678/3665 Low Mar 13 / High Feb 24
  • SUP 2: 1.3618 20-day EMA
  • SUP 3: 1.3533 50-day EMA
  • SUP 4: 1.3442 Low Feb 20 / 21

USDCAD maintains a firmer tone despite the pullback from Friday’s high of 1.3862. The move down is considered corrective and is allowing an overbought condition to unwind. Last week’s rally strengthened the bullish theme. Price cleared the Dec 16 high of 1.3705 and has also traded above 1.3800. Scope is seen for gains towards the 2.0% 10-dma envelope of 1.3958. Initial support is seen at 1.3678, the Monday low.