Free Trial

Bullish Moving Average Set-Up

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
  • RES 1: 1.3063 High Aug 23
  • PRICE: 1.2965 @ 16:40 BST Aug 24
  • SUP 1: 1.2934/2905 Low Aug 23 / 20-day EMA
  • SUP 2: 1.2828/2761 Low Aug 17 / 200-dma
  • SUP 3: 1.2728 Low Aug 11 and key support
  • SUP 4: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg

Despite the Tuesday stumble in USDCAD, the short-term trend remains in bulls’ favour. The pair has recently confirmed a clear break of resistance at 1.2985, Aug 5 high and a key short-term hurdle. The break strengthens bullish conditions and opens 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 1.2905, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.