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Approaching The Bull Trigger

USDCAD TECHS
  • RES 4: 1.3374 2.0% 10-dma envelope
  • RES 3: 1.3300 High Nov 4 2020
  • RES 2: 1.3224 High Jul 14 and key resistance
  • RES 1: 1.3209 High Sep 7
  • PRICE: 1.3179 @ 08:04 BST Sep 14
  • SUP 1: 1.3047/2954 20-day EMA / Low Sep 13
  • 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

A USDCAD bullish theme remains intact and Tuesday's strong rally has reinforced this theme and signals the end of the recent correction lower. Note that moving average studies remain in a bull mode set-up, highlighting bullish market sentiment. Attention is on key resistance at 1.3324, the Jul 14 high and a bull trigger. A break would confirm a resumption of the broader uptrend. Support to watch is at 1.2954, yesterday’s low.

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