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Extends This Week’s Gains

USDCAD TECHS
  • RES 4: 1.2881 High Jan 28
  • RES 3: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • RES 2: 1.2730 High Jul 20
  • RES 1: 1.2653 High Aug 18
  • PRICE: 1.2642 @ 17:33 BST Aug 18
  • SUP 1: 1.2536 20-day EMA
  • SUP 2: 1.2469 50-day EMA
  • SUP 3: 1.2422/07 Jul 30 low / 50.0% of the Jun 1 - Jul 19 rally
  • SUP 4: 1.2313 61.8% retracement of the Jun 1 - Jul 19 rally

USDCAD traded higher Wednesday to a fresh monthly high of 1.2653 and has cleared previous resistance at 1.2607. The move higher strengthens a bullish case and signals scope for a climb towards 1.2700 and potentially the key resistance at 1.2807, Jul 19 high. Moving average studies remain in a bull mode suggesting an uptrend remains intact. On the downside, key support has been defined at 1.2422, Jul 30 low.

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