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Bullish Trade, Underlying Plows Higher

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Bullish Price Action

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: 1.3061 High Aug 22
  • PRICE: 1.2948 @ 16:51 BST Aug 23
  • SUP 1: 1.2934/2913 Low Aug 23 / 20-day EMA
  • SUP 2: 1.2828/2759 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

USDCAD started the week on a bullish note, but reversed course into the Tuesday close. Despite the Tuesday stumble, the short-term trend remains in bulls’ favour. The pair has confirmed a clear break of resistance at 1.2985, the Aug 5 high and a key short-term hurdle for bulls. This break strengthens bullish conditions and attention is on 1.3107 next, a Fibonacci retracement. On the downside, key support has been defined at 1.2728, the Aug 11 low. Initial firm support is at 1.2913, the 20-day EMA.

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  • 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: 1.3061 High Aug 22
  • PRICE: 1.2948 @ 16:51 BST Aug 23
  • SUP 1: 1.2934/2913 Low Aug 23 / 20-day EMA
  • SUP 2: 1.2828/2759 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

USDCAD started the week on a bullish note, but reversed course into the Tuesday close. Despite the Tuesday stumble, the short-term trend remains in bulls’ favour. The pair has confirmed a clear break of resistance at 1.2985, the Aug 5 high and a key short-term hurdle for bulls. This break strengthens bullish conditions and attention is on 1.3107 next, a Fibonacci retracement. On the downside, key support has been defined at 1.2728, the Aug 11 low. Initial firm support is at 1.2913, the 20-day EMA.