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Trading At This Week’s Highs

USDCAD TECHS
  • RES 4: 1.3173 High Nov 13 2020
  • RES 3: 1.3144 2.0% 10-dma envelope
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.3052 High May 10
  • PRICE: 1.3024 @ 07:06 BST May 12
  • SUP 1: 1.2914/2814 High May 2 / Low May 6
  • SUP 2: 1.2725/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD is trading at this week’s highs. Recent gains have resulted in a breach of 1.2914, May 2 high, and key resistance at 1.2964, the Dec 20 2021 high. The break of the latter level marks an important medium-term bullish technical development and reinforces the broader bullish outlook. This has opened 1.3144 next, the upper band of a moving average envelope. Initial support is seen at 1.2914. Key support lies at 1.2714, the Apr 29 low.

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  • RES 4: 1.3173 High Nov 13 2020
  • RES 3: 1.3144 2.0% 10-dma envelope
  • RES 2: 1.3091 High Nov 24 2020
  • RES 1: 1.3052 High May 10
  • PRICE: 1.3024 @ 07:06 BST May 12
  • SUP 1: 1.2914/2814 High May 2 / Low May 6
  • SUP 2: 1.2725/14 50-day EMA / Low May 5 and a key support
  • SUP 3: 1.2568 Low Apr 22
  • SUP 4: 1.2459 Low Apr 21

USDCAD is trading at this week’s highs. Recent gains have resulted in a breach of 1.2914, May 2 high, and key resistance at 1.2964, the Dec 20 2021 high. The break of the latter level marks an important medium-term bullish technical development and reinforces the broader bullish outlook. This has opened 1.3144 next, the upper band of a moving average envelope. Initial support is seen at 1.2914. Key support lies at 1.2714, the Apr 29 low.