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Bullish Trend Structure

USDCAD TECHS
  • RES 4: 1.4048 High May 22 2020
  • RES 3: 1.4000 Round number resistance
  • RES 2: 1.3977 High Oct 13, 2022
  • RES 1: 1.3946 High Aug 5
  • PRICE: 1.3830 @ 17:25 BST Aug 5
  • SUP 1: 1.3848 Intraday low
  • SUP 2: 1.3776 20-day EMA
  • SUP 3: 1.3724 50-day EMA
  • SUP 4: 1.3658 Low Jul 17

Trend conditions in USDCAD remain bullish and recent gains reinforce this theme. The move higher has resulted in a break of key resistance at 1.3846, the Apr 16 high. This signals scope for a climb towards 1.3977, the Oct 13 ‘22 high. The pair has pulled back from Monday’s intraday high. Note that the trend condition is overbought and a deeper pullback would allow this condition to unwind. First support to watch is 1.3776, the 20-day EMA.

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