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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: 1.3705 1.0% 10-dma envelope
  • RES 1: 1.3670 High Sep 5
  • PRICE: 1.3613 @ 16:40 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 traded higher Tuesday, testing resistance and confirming the near-term bullish outlook. The pair showed above 1.3655, May 26 high, before fading. 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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