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Corrective Pullback

USDCAD TECHS
  • RES 4: 1.4040 76.4% retracement of the 2020 - 2021 bear cycle
  • RES 3: 1.4016 3.382 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.4000 Psychological round number
  • RES 1: 1.3898/3977 High Oct 14 / 13 and the bull trigger
  • PRICE: 1.3776 @ 16:11 BST Oct 19
  • SUP 1: 1.3649 20-day EMA
  • SUP 2: 1.3503 Low Oct 4 and a key support
  • SUP 3: 1.3401 50-day EMA
  • SUP 4: 1.3358 Low Sep 21

USDCAD continues to trade below last week’s high of 1.3977 (Oct 13). Despite the pullback, the uptrend remains intact. The latest recovery from 1.3503, Oct 10 high, reinforces bullish conditions and this low represents a key short-term support. Moving average studies still highlight an uptrend and 1.3838, the Sep 30 high and key resistance has been cleared, strengthening bullish conditions. First support to watch is 1.3649, the 20-day EMA.

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