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Bouncing Ahead of 200-DMA Support

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3014/38 3.0% Upper Bollinger Band / High Jul 18
  • RES 1: 1.2934/2985 High Aug 15 / 5
  • PRICE: 1.2910 @ 16:02 BST Aug 15
  • SUP 1: 1.2745 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2587 2.0% 10-dma envelope

USDCAD traded lower last week and breached support at 1.2767, the Aug 1 low. This price action partially reversed into the Monday close, keeping the pair clear of a meaningful break of the 200-dma support. The average has been pierced, a clear break would strengthen bearish conditions and open 1.2685, a Fibonacci retracement. On the upside, a breach of 1.2985, the Aug 5 high is required to reinstate a bullish theme.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3014/38 3.0% Upper Bollinger Band / High Jul 18
  • RES 1: 1.2934/2985 High Aug 15 / 5
  • PRICE: 1.2910 @ 16:02 BST Aug 15
  • SUP 1: 1.2745 200-dma
  • SUP 2: 1.2728 Low Aug 11
  • SUP 3: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg
  • SUP 4: 1.2587 2.0% 10-dma envelope

USDCAD traded lower last week and breached support at 1.2767, the Aug 1 low. This price action partially reversed into the Monday close, keeping the pair clear of a meaningful break of the 200-dma support. The average has been pierced, a clear break would strengthen bearish conditions and open 1.2685, a Fibonacci retracement. On the upside, a breach of 1.2985, the Aug 5 high is required to reinstate a bullish theme.