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Stocks Inch Higher, But Gains Inconsistent

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  • RES 4: 1.2915 High Dec 23
  • RES 3: 1.2845/81 High Feb 4 / High Jan 28
  • RES 2: 1.2763/42 High Feb 12
  • RES 1: 1.2749 High Feb 26
  • PRICE: 1.2650 @ 06:34 GMT Mar 8
  • SUP 1: 1.2576 Low Mar 4
  • SUP 2: 1.2468/51 Low Feb 25 / Low Feb 16, 2018 Low
  • SUP 3: 1.2379 2.0% 10-dma envelope
  • SUP 4: 1.2276 Trendline Drawn From May 2015 Low

USDCAD is consolidating. A firmer short-term tone is still in place following the recovery from 1.2468, Feb 25 low. Recent gains have so far stalled at the 50-day EMA, currently at 1.2727. A clear breach of the average would signal scope for stronger recovery towards 1.2881, Jan 28 high. On the downside, a move through 1.2468 would resume bearish pressure towards support drawn off the May 2015 low, a trendline that lies at 1.2277 this week.