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USDCAD TECHS: Strong Bounce

USDCAD TECHS
  • RES 4: 1.3695 High Mar 28
  • RES 3: 1.3668 High Apr 28 and key resistance
  • RES 2: 1.3519/3640 50-day EMA / High May 3
  • RES 1: 1.3490 20-day EMA
  • PRICE: 1.3410 @ 08:00 BST May 11
  • SUP 1: 1.3363/15 Intraday low / Low May 8
  • SUP 2: 1.3302 Low Apr 14 and a key near-term support
  • SUP 3: 1.3275 Low Feb 14
  • SUP 4: 1.3262 Low Feb 2

A strong rally in USDCAD today has eased recent bearish pressure, for now. The pair is approaching resistance at the 20-day EMA, at 1.3490 and the 50-day EMA, at 1.3519. A clear break of this resistance zone would be seen as a short-term bullish development and signal scope for a climb towards resistance at 1.3668, the Apr 28 high. Key support lies at 1.3302, the Apr 14 low where a break would reinstate a bearish theme.

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