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Dips Bought

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2762 High Sep 8
  • PRICE: 1.2661 @ 17:03 BST Sep 14
  • SUP 1: 1.2583 Low Sep 10
  • SUP 2: 1.2494 Low Sep 3 and the bear trigger
  • SUP 3: 1.2422 Jul 30 low and a key support
  • SUP 4: 1.2303 Low Jul 6

USDCAD remains below recent highs. The pair continues to display a stronger bullish short-term condition despite Tuesday's intraday pullback following the recent recovery from 1.2494, Sep 3 low. Initial resistance is at 1.2762, Sep 8 high where a break would open 1.2834, Aug 23 high and the 1.2949 bull trigger, Aug 20 high. Moving average conditions are in bull mode, reinforcing a bullish theme. On the downside, clearance of 1.2494 is required to reinstate a bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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