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Strong Bounce Sees Prices North of 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3668 High Apr 28 and key resistance
  • RES 2: 1.3640 High May 3
  • RES 1: 1.3532 High May 12
  • PRICE: 1.3532 @ 15:55 BST May 12
  • SUP 1: 1.3363/15 Intraday low / Low May 8
  • SUP 2: 1.3302 Low Apr 14 and a key near-term support
  • SUP 3: 1.3275 Low Feb 14
  • SUP 4: 1.3262 Low Feb 2

A strong rally in USDCAD extended Friday, tilting the pair to a new weekly high at 1.3532. This has eased recent bearish pressure. The pair has topped the 50-day EMA, at 1.3518. A clear break of this level would be seen as a short-term bullish development and signal scope for a climb towards resistance at 1.3668, the Apr 28 high. Key support lies at 1.3302, the Apr 14 low, where a break is required to reinstate a bearish theme.

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