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USDCAD TECHS: Trend Structure Remains Bullish

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 1.5000 Psychological round number 
  • RES 3: 1.4948 High Mar 2003  
  • RES 2: 1.4814 High Apr 2003
  • RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
  • PRICE: 1.4318 @ 16:55 GMT Feb 7  
  • SUP 1: 1.4270 Low Feb 5
  • SUP 2: 1.4261 Low Jan 20 and a key support
  • SUP 3: 1.4178 High Nov 6 ‘24
  • SUP 4: 1.4120 Low Dec 11

USDCAD is unchanged, despite some notable mid-session volatility. The pair is trading close to this week’s lows at the close. For now, the latest move down appears corrective and the primary uptrend remains intact. Monday’s cycle high, reinforces and strengthens bullish conditions. The break higher confirmed a resumption of the uptrend and opens 1.4814 next, the Apr 2003 high. Key support to watch lies at 1.4261, the Jan 20 low. A clear breach of this level would alter the picture and signal a reversal.        

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  • RES 4: 1.5000 Psychological round number 
  • RES 3: 1.4948 High Mar 2003  
  • RES 2: 1.4814 High Apr 2003
  • RES 1: 1.4600/1.4793 Round number resistance / High Feb 3    
  • PRICE: 1.4318 @ 16:55 GMT Feb 7  
  • SUP 1: 1.4270 Low Feb 5
  • SUP 2: 1.4261 Low Jan 20 and a key support
  • SUP 3: 1.4178 High Nov 6 ‘24
  • SUP 4: 1.4120 Low Dec 11

USDCAD is unchanged, despite some notable mid-session volatility. The pair is trading close to this week’s lows at the close. For now, the latest move down appears corrective and the primary uptrend remains intact. Monday’s cycle high, reinforces and strengthens bullish conditions. The break higher confirmed a resumption of the uptrend and opens 1.4814 next, the Apr 2003 high. Key support to watch lies at 1.4261, the Jan 20 low. A clear breach of this level would alter the picture and signal a reversal.