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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: 1.3792 High Jun 11
  • PRICE: 1.3689 @ 07:30 BST Jun 24
  • SUP 1: 1.3675/3590 Low June 21 / Low May 16 and a key support
  • 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 traded lower last week and has pierced the Jun 12 low of 1.3680, and 1.3676, the 50-day EMA. A clear break of these supports would signal scope for a continuation lower near-term, towards key support at 1.3590, the May 16 low. Clearance of this level would threaten a bullish theme. The trend outlook remains bullish, a resumption of gains would refocus attention on the medium-term resistance at 1.3846, the Apr 16 high.

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