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Bullish Outlook

USDCAD TECHS
  • RES 4: 1.129 1.382 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4067 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3899 High Nov 1 and bull trigger
  • PRICE: 1.3798 @ 07:37 GMT Nov 10
  • SUP 1: 1.3658/29 50-day EMA / Low Nov 6
  • SUP 2: 1.3594 Trendline support drawn from the Jul 14 low
  • SUP 3: 1.3496 50.0% retracement of the Jul 14 - Nov 1 bull phase
  • SUP 4: 1.3417 Low Sep 29

USDCAD managed to find support this week at Monday’s 1.3629 low and is holding on to its latest gains. The trend is up and moving average studies are in a bull-mode position. Support around the 50-day EMA, at 1.3658, has remained intact and this suggests the move lower between Nov 1 - 6 has been a correction. Sights are on the bull trigger at 1.3899, Nov 1 high. On the downside, a clear break of the 50-day EMA would be a bearish development.

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