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Remains Below Recent Highs

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3977 High Oct 13
  • RES 2: 1.3898 High Oct 14
  • RES 1: 1.3814/3862 High Mar 15 / 10 and the bull trigger
  • PRICE: 1.3658 @ 16:23 GMT Mar 23
  • SUP 1: 1.3644 Low Mar 21
  • SUP 2: 1.3584 50-day EMA
  • SUP 3: 1.3515 Low Feb 22
  • SUP 4: 1.3442 Low Feb 20 / 21

The recent move lower in USDCAD appears to be a correction and this move has allowed a recent overbought condition to unwind. A key support area to watch lies at 1.3584, the 50-day EMA. A clear break of the average would signal scope for a deeper corrective pullback. On the upside, the bull trigger has been defined at 1.3862, the Mar 10 high. A break would resume the uptrend and open 1.3977, the Oct 13 high.

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