The 1.0420/0400 zone still represents strong support for $cad and we expect prices to rally higher to continuethe uptrend that began from 1.0182. The sideways consolidation post the wave-(i) rally is completing a finalcorrective leg but a rally through 1.0457 is necessary to confirm the proposed strength.Pivot lows and highs have developed at 1.0398 so that remains support going forward. Resistance is a seriesof recent highs at 1.0424 and will offer the first sign that $$ strength is returning. We are awaiting a reversal fromcurrent level to support our bullish $ thesis.Levels: Support – 1.0398, 1.0366, 1.0337 Resistance – 1.0424, 1.0457, 1.0497
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Nomura