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Corrective Pullback Extends

USDCAD TECHS
  • 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: 1.3514 @ 07:59 BST Sep 1
  • SUP 1: 1.3491 20-day EMA
  • SUP 2: 1.3413 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

USDCAD has traded lower this week. This is likely a correction and the trend remains bullish. Recent gains reinforce the uptrend and maintain the price sequence of higher highs and higher lows. The focus is on 1.3655, May 26 high. A trendline resistance, drawn from the Oct 13 2022 high, is at 1.3726 and represents an objective further out. Support is at 1.3491, the 20-day EMA. It has been tested, a clear would signal scope for a deeper correction.

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