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Bullish Trend Structure

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13, 2022
  • RES 3: 1.3951 1.0% 10-dma envelope
  • RES 2: 1.3899 High Nov 1 and a key resistance
  • RES 1: 1.3889 High Aug 1
  • PRICE: 1.3863 @ 08:01 BST Aug 2
  • SUP 1: 1.3766 Low Aug 1
  • SUP 2: 1.3766 20-day EMA
  • SUP 3: 1.3718 50-day EMA
  • SUP 4: 1.3367 Low Jul 17

Trend conditions in USDCAD remain bullish and Thursday’s gains reinforce this condition. Recent gains resulted in a break of 1.3792, the Jun 11 high, and more recently, a print above key resistance at 1.3846, the Apr 16 high. The trend condition is overbought, however, the break of 1.3846 strengthens the bull theme and opens 1.3899, the Nov 1 ‘23 high and a key resistance. Firm support lies at 1.3718, the 50-day EMA.

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