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Watching Support

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: 1.3682/3785 20-day EMA / High Apr 30
  • PRICE: 1.3651 @ 16:24 BST May 15
  • SUP 1: 1.3639 50-day EMA
  • SUP 2: 1.3610/3592 Low May 3 and a key support / Low May 15
  • SUP 3: 1.3547 Low Apr 9
  • SUP 4: 1.3478 Low Apr 4

A bullish trend condition in USDCAD remains intact, despite the latest pullback. Key support levels to watch are; 1.3639, 50-day EMA, and 1.3610, May 3 low. Both levels have today been pierced. A clear break of this zone would threaten the bullish theme and instead signal scope for a deeper retracement. For bulls, a resumption of gains would refocus attention on the bull trigger at 1.3846, the Apr 16 high. MA studies are in a bull-mode position.

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