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: 1.4049 @ 16:48 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.