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Heading North

USDCAD TECHS
  • RES 4: 1.2973 1.500 2proj of Jun 1 - 21- 23 price swing
  • RES 3: 1.2916 1.382 proj of Jun 1 - 21- 23 price swing
  • RES 2: 1.2881 High Jan 28
  • RES 1: 1.2807/46 High Jul 19 / 1.236 proj of Jun 1 - 21- 23 swing
  • PRICE: 1.2727 @ 17:09 BST Jul 20
  • SUP 1: 1.2605 Low Jul 19
  • SUP 2: 1.2502/2428 Low Jul 15 / Low Jul 14
  • SUP 3: 1.2303/2253 Low Jul 6 / Low Jun 23 and a key support
  • SUP 4: 1.2157 Low Jun 16

USDCAD remains firm following Monday's strong gains. The pair last week breached resistance at 1.2590, Jul 8 high. The break confirmed a resumption of the uptrend. Monday's strong rally has reinforced the current bullish conditions and confirms an extension of the uptrend that started Jun 1. The focus is on a climb towards 1.2846 next, a Fibonacci projection and 1.2881, the Jan 28 high. On the downside, initial support is at 1.2605, Monday's low.

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