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FOREX

USD/CAD Continues to Test Key Support

Claws Above 0.7227

AUSSIE TECHS
  • RES 4: 0.7388 2.00 projection of Mar 19 - 31 rally from Apr 3 low
  • RES 3: 0.7295 High Jan 2019
  • RES 2: 0.7284 High Feb 2019
  • RES 1: 0.7241 High Aug 5
  • PRICE: 0.7197 @ 05:40 BST Aug 6
  • SUP 1: 0.7077 Low Aug 3
  • SUP 2: 0.7064 Low Jul 24 and key near-term trend support
  • SUP 3: 0.7010 Low Jul 21
  • SUP 4: 0.6963 Low Jul 16

Broad USD weakness Wednesday saw the pair take out 0.7227 resistance, opening a further leg higher. This opens levels not seen since early 2019, with bulls now eyeing 0.7284 and 0.7295 for direction. The RSI is not yet flashing overbought (69), but these conditions will be met if the rally persists into the second half of this week. On the downside, key near-term trend support has been defined at 0.7064, Jul 24 low.

MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com