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Key Resistance Remains Exposed

USDCAD TECHS
  • RES 4: 1.3351 2.0% 10-dma envelope
  • RES 3: 1.3300 High Nov 4 2020
  • RES 2: 1.3224 High Jul 14 and key resistance
  • RES 1: 1.3209 High Sep 8
  • PRICE: 1.3120 @ 16:53 BST Sep 8
  • SUP 1: 1.3075/1.3034 Low Sep 2 / 20-day EMA
  • SUP 2: 1.2955 50-day EMA
  • SUP 3: 1.2895 Low Aug 25 and key near-term support
  • SUP 4: 1.2828 Low Aug 17

A USDCAD bullish theme remains intact and attention is on 1.3224, a key resistance and the Jul 14 high. A break would be viewed as an important bullish development and confirm a resumption of the broader uptrend. Note that moving average studies remain in a bull mode set-up, highlighting an uptrend. Initial firm support is at 1.2895 where a break would alter the picture. First support lies at 1.3075, the Sep 2 low.

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

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