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Fourth Session of Higher Highs

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3267 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14 and key resistance
  • RES 1: 1.3141 High Aug 31
  • PRICE: 1.3091 @ 16:52 BST Aug 31
  • SUP 1: 1.2947 20-day EMA
  • SUP 2: 1.2895 Low Aug 25 and key near-term support
  • SUP 3: 1.2828 Low Aug 17
  • SUP 4: 1.2770 Low Aug 15

USDCAD printed a higher high for a fourth consecutive session Wednesday, before fading slightly into the close. This confirms an extension of recent gains and maintains the current bullish theme. This week’s move higher has strengthened bullish conditions and opens 1.3224 next as the key resistance at the Jul 14 high. Note that moving average studies are in a bull mode set-up, highlighting an uptrend. Initial firm support is at 1.2895. A break would alter the picture.

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

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