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Finds Support

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: 1.2949 High Aug 20 and the bull trigger
  • RES 1: 1.2796/2896 High Sep 23 / High Sep 20
  • PRICE: 1.2736 @ 06:53 BST Sep 30
  • SUP 1: 1.2594/83 Low Sep 28 / 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: 1.2367 61.8% retracement of the Jun - Aug rally

Recent weakness in USDCAD appears to have found support just below the 50-day EMA. A bullish trend structure remains intact and the recent pullback was considered corrective. A clear break of the 50-day EMA - at 1.2618 today - would signal scope for a deeper pullback and expose 1.2494, the Sep 3 low. For bulls, an extension higher would again expose key resistance at 1.2949, Aug 20 high. This marks the bull trigger.

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