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Pullback Still Considered A Correction

USDCAD TECHS
  • RES 4: 1.3084 2.0% 10-dma envelope
  • RES 3: 1.3029 High Nov 25
  • RES 2: 1.2957/58 High Dec 21/ 50-day EMA
  • RES 1: 1.2880 High Dec 24
  • PRICE: 1.2741 @ 05:53 GMT Dec 31
  • SUP 1: 1.2718Low Dec 18
  • SUP 2: 1.2688/77 Low Dec 15 / 76.4% of the 2017-20 uptrend
  • SUP 3: 1.2603 1.236 proj of Oct 29 - Nov 9 downleg from Nov 13 high
  • SUP 4: 1.2571 2.0% 10-dma envelope

USDCAD maintains this week's weaker tone. Near-term attention however remains on recent strength between Dec 15 - 21 that highlights a corrective phase the pair has entered. This is seen allowing a recent oversold condition to unwind. An extension higher would signal scope for a climb above 1.2950, the 50-day EMA. On the downside, clearance of 1.2688 would instead resume the downtrend. Initial support lies at 1.2718, Dec 18 low.

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