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Resumes Its Uptrend

USDCAD TECHS
  • RES 4: 1.3029 High Nov 25, 2020
  • RES 3: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 2: 1.2957 High Dec 21, 2020
  • RES 1: 1.2904 Intraday high
  • PRICE: 1.2865 @ 07:03 BST Aug 21
  • SUP 1: 1.2814 Intraday low
  • SUP 2: 1.2649/2574 Low Aug 19 / 20-day EMA
  • SUP 3: 1.2490 50-day EMA
  • SUP 4: 1.2422 Jul 30 low

USDCAD traded higher Thursday, extending the recovery from the Jul 30 low and triggering the 1.2807 bull trigger in the process. This confirmed a resumption of the uptrend and opens gains toward 1.2976, a Fibonacci projection. Moving average studies remain in a bull mode reinforcing current conditions. On the downside, yesterday's low of 1.2649 marks a firm support. Key trend support lies at 1.2422, Jul 30 low.

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