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USDCAD TECHS: Remains Above Last Week’s Low

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.4793 High Feb 3 and key resistance
  • RES 3: 1.4700 Round number resistance 
  • RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg 
  • RES 1: 1.4473/4543 High Mar 10 / 4 and a bull trigger  
  • PRICE: 1.4406 @ 14:59 GMT Mar 12 
  • SUP 1: 1.4242 Low Mar 6  
  • SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
  • SUP 3: 1.4011 Low Dec 5 ‘24
  • SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle

The bull cycle in USDCAD that started Feb 14 remains in play for now, and recent weakness appears corrective. The pair has recovered from its Mar 6 low and a continuation higher would signal scope for a test of the short-term bull trigger at 1.4543, the Mar 4 high. On the downside, support to watch lies at 1.4242, the Mar 6 low. A break of this level would instead expose key short-term support at 1.4151, the Feb 14 low.  

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  • RES 4: 1.4793 High Feb 3 and key resistance
  • RES 3: 1.4700 Round number resistance 
  • RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg 
  • RES 1: 1.4473/4543 High Mar 10 / 4 and a bull trigger  
  • PRICE: 1.4406 @ 14:59 GMT Mar 12 
  • SUP 1: 1.4242 Low Mar 6  
  • SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
  • SUP 3: 1.4011 Low Dec 5 ‘24
  • SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle

The bull cycle in USDCAD that started Feb 14 remains in play for now, and recent weakness appears corrective. The pair has recovered from its Mar 6 low and a continuation higher would signal scope for a test of the short-term bull trigger at 1.4543, the Mar 4 high. On the downside, support to watch lies at 1.4242, the Mar 6 low. A break of this level would instead expose key short-term support at 1.4151, the Feb 14 low.