August 07, 2024 20:05 GMT
Retracement Mode
USDCAD TECHS
- RES 4: 1.4048 High May 22 2020
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3977 High Oct 13, 2022
- RES 1: 1.3856/3946 High Aug 6 / 5
- PRICE: 1.3728 @ 17:39 BST Aug 7
- SUP 1: 1.3730/20 50-day EMA / Low AUg 7
- SUP 2: 1.3657 Low Jul 17
- SUP 3: 1.3589 Low Jun 11 and a key support
- SUP 4: 1.3547 Low Apr 9
Trend conditions in USDCAD remain bullish and recent gains reinforce this theme. The move higher has resulted in a break of key resistance at 1.3846, the Apr 16 high. This signals scope for a climb towards 1.3977, the Oct 13 ‘22 high. The pair has pulled back from Monday’s intraday high. A move lower is allowing an overbought condition to unwind. First support to watch is 1.3730, the 50-day EMA. A break would expose 1.3657, the Jul 17 low.
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