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Approaching Key Support

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3731 1.0% 10-dma envelope
  • RES 2: 1.3716 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3639/95 High Sep 11 / 7
  • PRICE: 1.3510 @ 20:27 BST Sep 14
  • SUP 1: 1.3490 Low Sep 1 and key support
  • SUP 2: 1.3471 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

USDCAD again traded lower Thursday and the pair is approaching key support at 1.3490, the Sep 1 low. Clearance of this level would undermine the recent bullish theme and suggest potential for a deeper pullback near-term. This would open 1.3471, the 50-day EMA. For bulls, a reversal higher would refocus attention on 1.3695, the Sep 7 high and bull trigger. A break of this level would confirm a resumption of the recent uptrend.

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