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Approaching Key Resistance

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3271 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14 and key resistance
  • RES 1: 1.3175 Intraday high
  • PRICE: 1.3160 @ 08:17 BST Sep 1
  • SUP 1: 1.3063/1.2965 High Aug 23 / 20-day EMA
  • SUP 2: 1.2895 Low Aug 25 and key near-term support
  • SUP 3: 1.2828 Low Aug 17
  • SUP 4: 1.2770 Low Aug 15

USDCAD continues to head north and is again firmer today. This reinforces a bull theme and confirms an extension of recent gains. This week’s move higher has exposed 1.3224, a key resistance and the Jul 14 high. Note that moving average studies are in a bull mode set-up, highlighting a broader uptrend. Initial firm support is at 1.2895. A break would alter the picture. Initial support lies at .3063, the Aug 23 high and a recent breakout level.

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