- RES 4: 1.4674 2.0% 10-dma envelope
- RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4467 High Dec 19
- PRICE: 1.4398 @ 21:09 GMT Jan 13
- SUP 1: 1.4345/4280 20-day EMA / Low Jan 6
- SUP 2: 1.4232 Low Dec 17
- SUP 3: 1.4190 50-day EMA
- SUP 4: 1.4011 Low Dec 5
The trend set-up in USDCAD remains bullish and the recent move down is considered corrective. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4345, the 20-day EMA, has recently been pierced. A clear break of the average would open 1.4190, the 50-day EMA.