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Corrective Cycle Still In Play

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3731 1.0% 10-dma envelope
  • RES 2: 1.3717 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3639/95 High Sep 11 / 7
  • PRICE: 1.3553 @ 21:17 BST Sep 13
  • SUP 1: 1.3521/3490 Low Sep 12 / 1
  • SUP 2: 1.3468 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 is considered corrective. Moving average studies are in a bull-mode position and resistance at 1.3655, the May 26 high, has been cleared. A resumption of gains would expose 1.3717, a trendline resistance drawn from the Oct 13 2022 high and the next key resistance. Key support has been defined at 1.3490, the Sep 1 low. A break would signal a short-term top.

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