February 16, 2024 21:00 GMT
Support Remains Intact
USDCAD TECHS
- RES 4: 1.3661 High Nov 27
- RES 3: 1.3623 61.8% retracement of the Nov 1 - Dec 27 bear leg
- RES 2: 1.3608 High Dec 13
- RES 1: 1.3586 High Feb 13
- PRICE: 1.3472 @ 16:47 GMT Feb 16
- SUP 1: 1.3413/3359 Low Feb 09 / Jan 31 and key S/T support
- SUP 2: 1.3343 Low Jan 12
- SUP 3: 1.3288 Low Jan 5
- SUP 4: 1.3229 Low Feb 1
The USDCAD trend structure remains bullish despite the latest sell-off - a correction. The pair traded higher Tuesday resulting in a break of resistance at 1.3544, the Feb 5 / 6 high and bull trigger. This confirms a resumption of the bull cycle that started Dec 27 and opens 1.3623, 61.8% of the Nov 1 - Dec 27 bear leg. On the downside, key support to watch lies at 1.3359, the Jan 31 low. Initial firm support has been defined at 1.3413, the Feb 9 low.
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