Free Trial

Bulls Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3730 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3640 High Aug 25
  • PRICE: 1.3526 @ 16:19 BST Aug 30
  • SUP 1: 1.3510 Low Aug 24
  • SUP 2: 1.3485 20-day EMA
  • SUP 3: 1.3404 50-day EMA
  • SUP 4: 1.3266 Low Aug 2

USDCAD traded lower again Wednesday. This is likely a correction and trend conditions remain bullish. Last week’s gains reinforces the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.3655, May 26 high. A trendline resistance, drawn from the Oct 13 2022 high, is at 1.3729 and represents an objective further out. Support lies at 1.3485, the 20-day EMA. A breach of it would signal the start of a correction.

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.