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Bulls Remain In The Driver’s Seat

USDCAD TECHS
  • RES 4: 1.4070 1.236 proj of the Sep 19 - Oct 5 - Oct 10 price swing
  • RES 3: 1.4054 2.0% 10-dma envelope
  • RES 2: 1.3977 High Oct 13 2022 and a major resistance
  • RES 1: 1.3892 High Oct 31
  • PRICE: 1.3879 @ 16:18 GMT Nov 1
  • SUP 1: 1.3790 Low Oct 26
  • SUP 2: 1.3711/3615 20- and 50-day EMA values
  • SUP 3: 1.3477 76.4% retracement of the Sep 19 - Oct 5 rally
  • SUP 4: 1.3417 Low Sep 29

The USDCAD trend needle continues to point north and the pair is holding on to its recent gains. The focus is on 1.3977, the Oct 13 2022 high. Last week’s break of 1.3862, the Mar 10 high, strengthens the bullish condition. Moving average studies are in a bull-mode position too, highlighting an uptrend and reflecting positive market sentiment. On the downside, initial firm support to watch is 1.3727, the 20-day EMA. A pullback would be considered corrective.

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