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Retreats From 50-day EMA

  • RES 4: 1.2763 High Feb 12
  • RES 3: 1.2749 High Feb 26 and the bull trigger
  • RES 2: 1.2700 High Mar 8
  • RES 1: 1.2640/47 50-day EMA / High Mar 30
  • PRICE: 1.2580 @ 16:41 GMT Mar 31
  • SUP 1: 1.2516 Low Mar 23
  • SUP 2: 1.2462 Low Mar 19
  • SUP 3: 1.2365 Low Mar 18 and the bear trigger
  • SUP 4: 1.2336 1.00 proj of the Jan 28 - Feb 25 - Feb 26 price swing

The recent USDCAD recovery remains intact and the pair edged higher Tuesday. Although the move higher is considered corrective, the current bullish tone signals scope for an extension of the upleg. The pair has cleared the 20-day EMA and the focus is on the 50-day EMA at 1.2640 which was probed earlier this week before prices faded Wednesday. On the downside, initial firm support is seen at 1.2516, Mar 23 low. A break would refocus attention on major support at 1.2365.

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