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Bullish Extension

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3224 High Jul 14 and key resistance
  • RES 2: 1.3135 High Jul 15
  • RES 1: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
  • PRICE: 1.3072 @ 08:21 BST Aug 29
  • SUP 1: 1.1.2924 20-day EMA
  • 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

USDCAD is climbing once again, extending Friday’s gains and the bounce from 1.2895, the Aug 25 low. Today’s move higher resulted in a print above resistance at 1.3063, Aug 23 high. A clear break of this level would open 1.3107 next, a Fibonacci retracement. Note that moving average studies are in a bull mode condition, highlighting an uptrend. Initial firm support is at 1.2895. A break would alter the picture .

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