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Support Holds For Now

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3748/85 61.8% of the Apr 16 - Mar 16 bear leg / High Apr 30
  • PRICE: 1.3686 @ 17:01 BST Jun 4
  • SUP 1: 1.3590 Low May 16 and the bear trigger
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4

USDCAD remains below last week’s high. A bull trend is intact and the latest move down is deemed corrective. Key supports at 1.3645, the 50-day EMA, and 1.3610, the May 3 low, remain intact. They have been pierced, however, a clear break of both price points is required to threaten the bullish theme and instead signal scope for a deeper retracement. A stronger resumption of gains would refocus attention on the bull trigger at 1.3846, the Apr 16 high.

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