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Bullish Focus

USDCAD TECHS
  • RES 4: 1.4000 Psychological round number
  • RES 3: 1.3970 3.236 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3896 3.00 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 1: 1.3838 High Sep 30 and the bull trigger
  • PRICE: 1.3756 @ 15:44 BST Oct 10
  • SUP 1: 1.3516/03 Low Oct 4 / 20-day EMA
  • SUP 2: 1.3358 Low Sep 21
  • SUP 3: 1.3278 50-day EMA
  • SUP 4: 1.3227 Low Sep 20

USDCAD remains in an uptrend and the latest recovery from 1.3503, Oct 10 high, reinforces bullish conditions. This low represents a key short-term support. Moving average studies continue to highlight an uptrend and bullish market sentiment. Sights are on 1.3838, the Sep 30 high where a break would confirm a resumption of the broader uptrend and open 1.3896, a Fibonacci projection. A breach of 1.3503 support would be bearish.

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