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TECHS: Correction Phase

DOLLAR-CANADA
  • RES 4: 1.3460 High Jul 30
  • RES 3: 1.3399 High Aug 7
  • RES 2: 1.3389 23.6% retracement of the Mar - Sep downtrend
  • RES 1: 1.3375 High Sep 23
  • PRICE: 1.3368 @ 17:04 BST Sep 23
  • SUP 1: 1.3200 20-day EMA
  • SUP 2: 1.3119 Low Sep 10 and key near-term support
  • SUP 3: 1.3038 Low Sep 2
  • SUP 4: 1.2994/76 Low Sep 1 and the bear trigger / Low Jan 8

USDCAD remains bullish. The break higher Monday confirmed a short-term corrective cycle. The breach of resistance at 1.3259, Sep 9 high marks a resumption of the recovery that started on Sep 1. Furthermore price has cleared the 50-day EMA and a continued erosion of this average would strengthen the current bullish argument. The focus is on 1.3399, Aug 7 high. On the downside, 1.3119, Sep 10 low marks the firm near-term support.

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