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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.2653 High Apr 21 and a key resistance
  • RES 3: 1.2535 High Apr 22
  • RES 2: 1.2487/2501 High Jun 21 / 76.4% of Apr 21 - Jun 1 sell-off
  • RES 1: 1.2424 High Jun 30
  • PRICE: 1.2387 @ 16:29 BST Jun 30
  • SUP 1: 1.2268/53 50-day EMA / Low Jun 23
  • SUP 2: 1.2157 Low Jun 16
  • SUP 3: 1.2057 Low Jun 7
  • SUP 4: 1.2007 Low May 18 and key support

USDCAD short-term conditions remain bullish. The recent break of 1.2203, May 6 high confirmed a short-term reversal and the pair has also cleared the 50-day EMA, reinforcing bullish conditions. Attention is on 1.2501, a Fibonacci retracement. A break would open 1.2653, Apr 21 high and an important resistance. Initial support is seen at 1.2253, Jun 23 low. Note the 50-day EMA at 1.2268 also marks support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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