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Remains Above Support

USDCAD TECHS
  • RES 4: 1.2964 High Dec 20 and a key resistance
  • RES 3: 1.2924 High Dec 22
  • RES 2: 1.2843 76.4% retracement of the Dec 20 - Jan 19 sell-off
  • RES 1: 1.2797/2814 High Jan 28 / High Jan 6 and a key resistance
  • PRICE: 1.2684 @ 06:49 GMT Feb 4
  • SUP 1: 1.2650 Low Jan 27
  • SUP 2: 1.2560 Low Jan 26
  • SUP 3: 1.2451/48 Low Jan 19 / 76.4% of the Oct - Dec rally
  • SUP 4: 1.2387 Low Nov 10

USDCAD is consolidating. The outlook remains bullish despite this week’s corrective pullback. A positive theme follows the recent recovery from 1.2451, Jan 19 low. Price has traded above the 50-day EMA and the break has resulted in a move through 1.2768, 61.8% of the Dec 20 - Jan 19 sell-off. This has opened 1.2843, a retracement value. Initial firm support lies at 1.2560, the Jan 26 low. First support is at 1.2650, the Jan 27 low.

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