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Sights Are On Key Resistance

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3732 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3640 High Aug 25
  • PRICE: 1.3572 @ 15:36 BST Aug 28
  • SUP 1: 1.3496 Low Aug 21
  • SUP 2: 1.3465 20-day EMA
  • SUP 3: 1.3390 50-day EMA
  • SUP 4: 1.3266 Low Aug 2

USDCAD is holding on to its recent gains. Last week’s gains reinforces the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.3655, the May 26 high. Note that a trendline resistance, drawn from the Oct 13 2022 high, is at 1.3731 and represents an objective further out. Support to watch is 1.3465, the 20-day EMA. A break of this average would signal the start of a correction.

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

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