Free Trial

Corrective Pullback

  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3727 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3640 High Aug 25
  • PRICE: 1.3548 @ 17:57 BST Aug 31
  • SUP 1: 1.3510 Low Aug 24
  • SUP 2: 1.3489 20-day EMA
  • SUP 3: 1.3409 50-day EMA
  • SUP 4: 1.3266 Low Aug 2

USDCAD traded lower again Wednesday. This is likely a correction and trend conditions remain bullish. Last week’s gains reinforce the uptrend and maintain the price sequence of higher highs and higher lows. The focus is on 1.3655, the May 26 high. A trendline resistance, drawn from the Oct 13 2022 high, is at 1.3727 and represents an objective further out. Support lies at 1.3489, the 20-day EMA. A breach of it would signal the start of a correction.

MNI London Bureau | +44 203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.