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Bulls Taking Control

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2762 High Sep 8
  • PRICE: 1.2645 @ 19:25 BST Sep 9
  • SUP 1: 1.2606 20-day EMA
  • SUP 2: 1.2494 Low Sep 3 and the bear trigger
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2303 Low Jul 6

USDCAD is holding onto the bulk of recent gains as the pair begins to display a stronger bullish short-term condition. Immediate resistance at 1.2708, Aug 27 high gave way Wednesday, opening gains toward 1.2834 and the 1.2949 bull trigger. A break of these levels would strengthen the bullish argument considerably. On the downside, clearance of 1.2494 is required to reinstate a bearish theme. 1.2606, the 20-day EMA marks initial support.

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