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Tops Bull Trigger

USDCAD TECHS
  • RES 4: 1.3009 2.0% 10-dma envelope
  • RES 3: 1.2949 High Aug 20 and a key resistance
  • RES 2: 1.2896 High Sep 20
  • RES 1: 1.2859 High Dec 14
  • PRICE: 1.2857 @ 17:01 GMT Dec 14
  • SUP 1: 1.2693/08 20-day EMA / Low Dec 8
  • SUP 2: 1.2571 50.0% retracement of the Oct 21 - Dec 3 rally
  • SUP 3: 1.2493 Low Nov 16
  • SUP 4: 1.2422 61.8% retracement of the Oct 21 - Dec 3 rally

USDCAD reversed lower last week but found support at 1.2608, the Dec 8 low. The pair rallied Monday and has continued to move throughout the Tuesday session. This prompts a retracement of the entire sell-off between Dec 3 - 8. The outlook has improved further on the break of resistance at 1.2854, Dec 3 high, which confirms a resumption of the uptrend that started Oct 21. This would open 1.2896, the Sep 20 high. On the downside, key support has been defined at 1.2608.

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