Free Trial

Sights Are On Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3730 1.0% 10-dma envelope
  • RES 2: 1.3722 Trendline resistance drawn from the Oct 13 2022 high
  • RES 1: 1.3695 High Sep 7
  • PRICE: 1.3657 @ 07:23 BST Sep 8
  • SUP 1: 1.3547/3490 20-day EMA / Low Sep 1
  • SUP 2: 1.3453 50-day EMA
  • SUP 3: 1.3352 Low Aug 7
  • SUP 4: 1.3266 Low Aug 2

The uptrend in USDCAD remains intact and the pair is trading just below this week’s high. Resistance at 1.3655, the May 26 high, has been cleared. The break exposes 1.3721, a trendline resistance drawn from the Oct 13 2022 high and represents a key resistance. On the downside, key support has been defined at 1.3490. A reversal lower and a breach of this support would signal a short-term top.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.