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Eyeing The Bull Trigger

USDCAD TECHS
  • RES 4: 1.2881 High Jan 28
  • RES 3: 1.2846 1.236 proj of the Jun 1 - 21 - 23 swing
  • RES 2: 1.2807 High Jul 19 and the bull trigger
  • RES 1: 1.2730 High Jul 20
  • PRICE: 1.2705 @ 06:43 BST Aug 19
  • SUP 1: 1.2649/2547 Intraday low / 20-day EMA
  • SUP 2: 1.2476 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 is trading higher and extending the recovery from the Jul 30 low. This week's gains strengthen a bullish case. The pair has probed the 1.2700 handle today, signalling scope for a climb towards the key resistance at 1.2807 next, 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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