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TECHS: Bullish Engulfing Reversal?....>
DOLLAR-CANADA: TECHS: Bullish Engulfing Reversal?
*RES 4: 1.4349 High Mar 31 and key resistance
*RES 3: 1.4299 High Apr 2
*RES 2: 1.4262 High Apr 6
*RES 1: 1.4183 High Apr 16 and the intraday bull trigger
*PRICE: 1.4076 @ 06:18 BST Apr 20
*SUP 1: 1.3998 Low Apr 17 and intraday low
*SUP 2: 1.3856 Low Apr 13
*SUP 3: 1.3812/28 50.0% retracement of the Jan 20 - Mar 19 rally / 50-day EMA
*SUP 4: 1.3734 Low Mar 16
Last Wednesday's USDCAD rally potentially brings to an end the recent Mar 19 -
Apr 13 bearish cycle. The strong close Wednesday confirms a bullish engulfing
candle formation highlighting a reversal. Furthermore, support at 1.3812, 50% of
the Jan 7 - Mar 19 rally has remained intact as has the 50-day EMA at 1.3828.
Unless the pair can break below 1.3856, Apr 13 low, the risk has increased that
prices will travel north near-term towards 1.4262 and 1.4349.
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