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Corrective Cycle

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3731 1.0% 10-dma envelope
  • RES 2: 1.3719 High Sep 7
  • RES 1: 1.3639 High Sep 11
  • PRICE: 1.3574 @ 07:58 BST Sep 12
  • SUP 1: 1.3558/3490 20-day EMA / Low Sep 1
  • SUP 2: 1.3464 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

The uptrend in USDCAD remains intact and the pullback from last week’s high appears to be a correction. Resistance at 1.3655, the May 26 high, has been cleared. That break exposes 1.3719, a trendline resistance drawn from the Oct 13 2022 high and the next key resistance. On the downside, key support has been defined at 1.3490, the Sep 1 low. Clearance of this support would signal a short-term top.

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