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Approaching Resistance

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3724 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3640 High Aug 25
  • PRICE: 1.3637 @ 07:38 BST Sep 5
  • SUP 1: 1.3490 Low Sep 1
  • SUP 2: 1.3427 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

USDCAD is trading higher as the pair extends the bounce from last Friday’s low of 1.3490. The trend outlook is bullish and the focus is on 1.3655, May 26 high. A trendline resistance, drawn from the Oct 13 2022 high, is at 1.3724 and represents an objective further out. On the downside, a clear break of 1.3490 would signal scope for a deeper correction. This would expose 1.3427, the 50-day EMA.

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