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Is Through Resistance At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3462 High Jun 5
  • RES 3: 1.3427 High Jun 7
  • RES 2: 1.3387 High Jul 7 and a key resistance
  • RES 1: 1.3318 76.4% Retracement July Downleg
  • PRICE: 1.3305 @ 08:14 BST Aug 2
  • SUP 1: 1.3221 20-day EMA
  • SUP 2: 1.3151/3093 Low Jul 31 / 14 and the bear trigger
  • SUP 3: 1.3084 1.618 proj of the Apr 28 - May 8 - May 26 price swing
  • SUP 4: 1.3032 1.764 proj of the Apr 28 - May 8 - May 26 price swing

USDCAD short-term conditions have improved for bulls. The pair is trading higher today and this has resulted in a break of resistance at the 50-day EMA, which intersects at 1.3282. The move higher signals scope for a climb towards the next key resistance at 1.3387, the Jul 7 high. On the downside, key support has been defined at 1.3093, the Jul 14 low. A break of this level is required to reinstate a bearish theme.

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