09:19 UTC
Downtrend, base attempt forming · RSI 47 · price 1.36731
Lower highs since late Mar, consolidating above 1.3580.
USDCAD has been in a downtrend since the late-March peak near 1.3966, printing lower highs and a swing low at 1.34812 in early Feb-equivalent action. Price is now consolidating between 1.3580 and 1.3710 with a tentative double bottom against the apr low at 1.35811, and the recent push back above EMA20 hints at a base attempt though EMA50 above price still caps the structure. Last close at 1.36731 sits mid-range after rejection at 1.37099.
Support: 1.36256, 1.35811, 1.34812
Resistance: 1.37099, 1.37923, 1.39664
What it said to watch
- Daily close above 1.37099 session high opens path to 1.37923 prior pivot
- Loss of 1.36256 swing low re-exposes the 1.35811 apr low
- US CPI print this week could materially shift this read