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Clears Support And Tests The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3726 1.0% 10-dma envelope
  • RES 2: 1.3713 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3593/95 High Sep 12 / 7
  • PRICE: 1.3493 @ 20:54 BST Sep 18
  • SUP 1: 1.3474/72 50-day EMA / Low Sep 18
  • SUP 2: 1.3394 50.0% retracement of the Jul 14 - Sep 7 bull leg
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3323 61.8% retracement of the Jul 14 - Sep 7 bull leg

USDCAD has cleared an important support at 1.3490, Sep 1 low. Clearance of this level undermines the recent bullish theme and suggests potential for a deeper pullback near-term. Price has also tested support at 1.3474, the 50-day EMA. A clear break of this average would strengthen a bearish threat. Initial firm resistance is at 1.3593, Sep 12 high. A breach would be a positive development and refocus attention on the bull trigger at 1.3695, Sep 7 high.

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  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3726 1.0% 10-dma envelope
  • RES 2: 1.3713 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3593/95 High Sep 12 / 7
  • PRICE: 1.3493 @ 20:54 BST Sep 18
  • SUP 1: 1.3474/72 50-day EMA / Low Sep 18
  • SUP 2: 1.3394 50.0% retracement of the Jul 14 - Sep 7 bull leg
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3323 61.8% retracement of the Jul 14 - Sep 7 bull leg

USDCAD has cleared an important support at 1.3490, Sep 1 low. Clearance of this level undermines the recent bullish theme and suggests potential for a deeper pullback near-term. Price has also tested support at 1.3474, the 50-day EMA. A clear break of this average would strengthen a bearish threat. Initial firm resistance is at 1.3593, Sep 12 high. A breach would be a positive development and refocus attention on the bull trigger at 1.3695, Sep 7 high.