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Still Trading Below Tuesday’s High

USDCAD TECHS
  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
  • RES 1: 1.3063 High Aug 23
  • PRICE: 1.2998 @ 16:37 BST Aug 26
  • SUP 1: 1.2887 50-day EMA values
  • SUP 2: 1.2828/2764 Low Aug 17 / 200-dma
  • SUP 3: 1.2728 Low Aug 11 and key support
  • SUP 4: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg

USDCAD rallied into the Friday close having found support at the Thursday low, however, the pair remains below Tuesday’s 1.3063 short-term trend high. Near-term trend conditions still appear bullish following the recent strong recovery from 1.2728, the Aug 17 low. A resumption of gains and a break of 1.3063 would open 1.3107 next, a Fibonacci retracement. Note that MA studies are in a bull mode condition, highlighting an uptrend. Initial firm support is at 1.2887, the 50-day EMA.

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  • RES 4: 1.3224 High Jul 14 and key resistance
  • RES 3: 1.3135 High Jul 15
  • RES 2: 1.3107 76.4% retracement of the Jul 14 - Aug 11 downleg
  • RES 1: 1.3063 High Aug 23
  • PRICE: 1.2998 @ 16:37 BST Aug 26
  • SUP 1: 1.2887 50-day EMA values
  • SUP 2: 1.2828/2764 Low Aug 17 / 200-dma
  • SUP 3: 1.2728 Low Aug 11 and key support
  • SUP 4: 1.2685 76.4% retracement of the Jun 8 - Jul 14 upleg

USDCAD rallied into the Friday close having found support at the Thursday low, however, the pair remains below Tuesday’s 1.3063 short-term trend high. Near-term trend conditions still appear bullish following the recent strong recovery from 1.2728, the Aug 17 low. A resumption of gains and a break of 1.3063 would open 1.3107 next, a Fibonacci retracement. Note that MA studies are in a bull mode condition, highlighting an uptrend. Initial firm support is at 1.2887, the 50-day EMA.