Free Trial

Key Resistance Remains Exposed

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3292 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14 and key resistance
  • RES 1: 1.3208 High Sep 1
  • PRICE: 1.3084 @ 16:01 BST Sep 2
  • SUP 1: 1.3063/1.2983 High Aug 23 / 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 rallied again Thursday, with the bull theme remaining in tact despite the Friday pullback. Attention is on 1.3224, a key resistance and the Jul 14 high. A break would represent an important bullish development. Note that moving average studies are in a bull mode set-up, highlighting a broader uptrend. Initial firm support is at 1.2895. A break would alter the picture. Initial support lies at .3063, the Aug 23 high and a recent breakout level.

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.