Free Trial

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 High Aug 30 / 76.4% retracement of the Jul 14 - Aug 11 downleg
  • PRICE: 1.3096 @ 17:24 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 higher again Tuesday, 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.

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.