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Bullish Price Action

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3224 High Jul 14 and key resistance
  • RES 2: 1.3135 High Jul 15
  • RES 1: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
  • PRICE: 1.3005 @ 07:24 BST Aug 30
  • SUP 1: 1.1.2932 20-day EMA
  • SUP 2: 1.2895 Low Aug 25 and key near-term support
  • SUP 3: 1.2828 Low Aug 17
  • SUP 4: 1.2770 Low Aug 15

USDCAD traded high initially yesterday, extending Friday’s gains and the bounce from 1.2895, the Aug 25 low. The move higher resulted in a print above resistance at 1.3063, Aug 23 high. A clear break of this level would strengthen bullish conditions and open 1.3107 next, a Fibonacci retracement. Note that moving average studies are in a bull mode set-up, highlighting an uptrend. Initial firm support is at 1.2895. A break would alter the picture.

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