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Sights Are On Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3723 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3708 1.0% 10-dma envelope
  • RES 1: 1.3676 High Sep 6
  • PRICE: 1.3649 @ 16:33 BST Sep 6
  • SUP 1: 1.3522/3490 20-day EMA / Low Sep 1
  • SUP 2: 1.3435 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

USDCAD traded higher again Wednesday, testing resistance and reinforcing a bullish outlook. The pair showed above 1.3655, May 26 high, before fading. A clear break of this level would expose 1.3723, a trendline resistance drawn from the Oct 13 2022 high. It represents an objective further out and a key resistance. On the downside, key support has been defined at 1.3490. A reversal lower and a break of this level would signal a short-term top.

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