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Remains Above The Mar 8 Low

USDCAD TECHS
  • RES 4: 1.3729 76.4% retracement of the Nov 1 - Dec 27 bear leg
  • RES 3: 1.3661 High Nov 27
  • RES 2: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
  • RES 1: 1.3606 High Feb 28 and the bull trigger
  • PRICE: 1.3532 @ 16:18 GMT Mar 15
  • SUP 1: 1.3420 Low Mar 8
  • SUP 2: 1.3359 Low Jan 31 and key S/T support
  • SUP 3: 1.3343 Low Jan 12
  • SUP 4: 1.3288 Low Jan 5

USDCAD short-term conditions remain bearish, however, a continuation of the latest recovery would undermine this theme and expose key resistance and the bull trigger at 1.3606, the Feb 28 high. Clearance of this level would confirm a resumption of the uptrend that has been in place since December 27. For bears, a move below 1.3420, the Mar 8 low, would resume bearish activity and open 1.3359, the Jan 31 low.

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