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Pullback Considered Corrective

USDCAD TECHS
  • RES 4: 1.3300 High Nov 4 2020
  • RES 3: 1.3260 2.0% 10-dma envelope
  • RES 2: 1.3224 High Jul 14
  • RES 1: 1.3166 3.0% Upper Bollinger Band
  • PRICE: 1.2928 @ 16:33 BST Jul 18
  • SUP 1: 1.2899 Low Jul 18
  • SUP 2: 1.2875 50-day EMA
  • SUP 3: 1.2819 Low Jun 28 and key support
  • SUP 4: 1.2763 Low Jun 13

USDCAD last week cleared a key resistance at 1.3084, the Jul 5 high. The break confirms a resumption of the primary uptrend, paving the way for gains towards a vol band based resistance of 1.3260 and the 1.3300 handle further out. Moving average studies remain in bull mode condition, reinforcing the current positive outlook. The latest pullback is considered corrective. Key support has been defined at 1.2875, the 50-day EMA.

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