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Strong Bounce

USDCAD TECHS
  • RES 4: 1.2976 1.00 proj of the Jun 23 - Jul 19 - 30 price swing
  • RES 3: 1.2957 High Dec 21, 2020
  • RES 2: 1.2834/2949 High Aug 23 / High Aug 20 and the bull trigger
  • RES 1: 1.2762 High Sep 8
  • PRICE: 1.2683 @ 16:49 BST Sep 8
  • SUP 1: 1.2494 Low Sep 3 and the bear trigger
  • SUP 2: 1.2422 Jul 30 low and a key support
  • SUP 3: 1.2303 Low Jul 6
  • SUP 4: 1.2253 Low Jun 23

USDCAD rallied further Wednesday and is beginning to display a stronger bullish condition. Immediate resistance at 1.2708, Aug 27 high gave way Wednesday, opening gains toward 1.2834 and the 1.2949 bull trigger. A break of these levels would strengthen the bullish argument considerably. On the downside, clearance of 1.2494 is required to reinstate a bearish theme.

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