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Cable is through session low

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Bullish Outlook Remains Intact

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Bullish Extension

USDCAD TECHS
  • RES 4: 1.3500 Round number resistance
  • RES 3: 1.3462 1.618 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3421 High Sep 30 2020
  • RES 1: 1.3398 2.0% 10-dma envelope
  • PRICE: 1.3277 @ 16:04 BST Sep 19
  • SUP 1: 1.3224 High Jul 14 and recent breakout level
  • SUP 2: 1.3092/2954 20-day EMA / Low Sep 13
  • SUP 3: 1.2895 Low Aug 25 and key near-term support
  • SUP 4: 1.2828 Low Aug 17

USDCAD has started the week on a bullish note, trading higher Monday and resuming the rally that started on Sep 13. Last week’s strength resulted in a break of resistance at 1.3224, the Jul 14 high and bull trigger. This confirms a resumption of the broader uptrend. Attention is on 1.3398 next, the upper band of a MA envelope. Note that moving average studies are in a bull mode set-up, highlighting positive market sentiment. Key trend support is at 1.2954.

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  • RES 4: 1.3500 Round number resistance
  • RES 3: 1.3462 1.618 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3421 High Sep 30 2020
  • RES 1: 1.3398 2.0% 10-dma envelope
  • PRICE: 1.3277 @ 16:04 BST Sep 19
  • SUP 1: 1.3224 High Jul 14 and recent breakout level
  • SUP 2: 1.3092/2954 20-day EMA / Low Sep 13
  • SUP 3: 1.2895 Low Aug 25 and key near-term support
  • SUP 4: 1.2828 Low Aug 17

USDCAD has started the week on a bullish note, trading higher Monday and resuming the rally that started on Sep 13. Last week’s strength resulted in a break of resistance at 1.3224, the Jul 14 high and bull trigger. This confirms a resumption of the broader uptrend. Attention is on 1.3398 next, the upper band of a MA envelope. Note that moving average studies are in a bull mode set-up, highlighting positive market sentiment. Key trend support is at 1.2954.