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Trend Outlook Remains Bullish

  • RES 4: 1.3338 38.2% of the 2020 - 2021 bear leg
  • RES 3: 1.3192 1.00 proj of the Apr 5 - May 12 - Jun 8 price swing
  • RES 2: 1.3113 High Nov 23 2020
  • RES 1: 1.3079 High May 17 and a bull trigger
  • PRICE: 1.2935@ 08:03 BST Jun 21
  • SUP 1: 1.2861 Low Jun 16
  • SUP 2: 1.2816 20-day EMA
  • SUP 3: 1.2770 50-day EMA
  • SUP 4: 1.2681 Low Jun 10

USDCAD traded higher Friday, clearing 1.3000. Last week’s gains also resulted in a break above key resistance at 1.3077, the May 16 high and a bull trigger. A clear break of 1.3077 would confirm a resumption of the uptrend and pave the way for strength towards 1.3113, the Nov 23 2020 high. Initial firm support is at 1.2816, the 20-day EMA. Short-term pullbacks are considered corrective.

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