July 02, 2024 20:00 GMT
USDCAD TECHS: Support Holds For Now
USDCAD TECHS
- RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance
- RES 3: 1.3899 High Nov 1 and a key resistance
- RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 1: 1.3755/3792 Intraday high / High Jun 11
- PRICE: 1.3695 @ 16:25 BST Jul 2
- SUP 1: 1.3626/3590 Low Jun 25 / Low May 16 and a key support
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD traded higher Monday and while it was sold into the Tuesday close, the pair remains above its most recent lows. Price has recently attempted a breach of support around the 50-day EMA - currently at 1.3679. A clear break of this average would threaten a bullish theme and expose support at 1.3590, the May 16 low. The medium-term trend outlook is bullish and a stronger resumption of gains would refocus attention on key resistance at 1.3846, the Apr 16 high.
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