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USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

  • Our last technical update noted that the USD/CAD currency pair had found support at the convergence of technical support around parity.  This was comprised of the following technical elements.
    • Ascending trendline support, which had initiated from the 2012 low.
    • The 200-day SMA (simple moving average).
    • The midpoint of the last key swing higher from September (the 50% retracement area).
  • This was followed by a bullish engulfing candle near the key round number area.  Price has subsequently moved around 200 pips higher since the last update to hit a high of 1.0311 on Friday.
  • The upside move has been capped at the descending trend line area as per the daily/weekly time frame charts below.
  • Price action around this prior supply zone circa 1.0290 – 1.0330 is seen as key in the near term to gain a directional bias on the “Loonie”.

usdcad flag USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

usdcad 20th may USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

usdcad 20th may 2 USDCAD Technical Analysis – 20 24 May – Weekly Update – USD CAD Outlook

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