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USDCAD TECHS: Unwinding An Overbought Condition

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3846 High Apr 16
  • PRICE: 1.3747 @ 07:53 BST Apr 18
  • SUP 1: 1.3682 Low Apr 12
  • SUP 2: 1.3647 20-day EMA
  • SUP 3: 1.3577 50-day EMA
  • SUP 4: 1.3478 Low Apr 4

Recent gains in USDCAD reinforce current bullish conditions. The pair has cleared resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. This opens 1.3855 next, the Nov 10 ‘23 high. Note that MA studies are in a bull-mode position, highlighting a clear rising trend. The pullback from Tuesday’s high is considered corrective and is allowing an overbought trend condition to unwind. Initial firm support lies at 1.3647, the 20-day EMA.

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