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Resistance Remains Exposed

USDCAD TECHS
  • RES 4: 1.3808 High Nov 34
  • RES 3: 1.3795 2.0% 10-dma envelope
  • RES 2: 1.3705 Dec 16 and the bull trigger
  • RES 1: 1.3665 High Feb 24
  • PRICE: 1.3616 @ 08:03 GMT Mar 7
  • SUP 1: 1.3525 20-day EMA
  • SUP 2: 1.3486 50-day EMA
  • SUP 3: 1.3400 Round number support
  • SUP 4: 1.3358 Low Feb 16

USDCAD is consolidating. Bullish conditions remain intact and short-term pullbacks are considered corrective. The focus is on key near-term resistance at 1.3705, the Dec 16 high. A clear break of this hurdle would strengthen bullish conditions and clear the way for a test of the 1.3800 handle. The support to watch lies at the 50-day EMA - it intersects at 1.3486. A clear breach of this average would be seen as a short-term bearish development.

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