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Pullback Considered Corrective

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3974/77 2.0% 10-dma envelope / High Oct 13
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3862 High Mar 10
  • PRICE: 1.3729 @ 08:10 GMT Mar 14
  • SUP 1: 1.3678/3665 Low Mar 13 / High Feb 24
  • SUP 2: 1.3629 20-day EMA
  • SUP 3: 1.3541 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 appears to be a correction and this 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 1.3977, the Oct 13 high. Initial support is seen at 1.3678, the Monday low.

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