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TECHS: Holds Above Trendline Support

  • RES 4: 1.3600 High Jul 20
  • RES 3: 1.3486 Low Jun 23 and a former breakout level
  • RES 2: 1.3460 High Jul 30
  • RES 1: 1.3421 High Sep 30 and the intraday bull trigger
  • PRICE: 1.3308 @ 16:38 BST Oct 2
  • SUP 1: 1.3268 Low Oct 1
  • SUP 2: 1.3247 Trendline support drawn off the Sep 1 low
  • SUP 3: 1.3171 Low Sep 21
  • SUP 4: 1.3119 Low Sep 10 and key near-term support

USDCAD edged to new weekly lows Thursday. The pullback however is likely a correction. A bullish outlook remains in place and this follows the recent break higher on Sep 21 that confirmed a short-term bullish cycle. Furthermore, the recent break of 1.3259, Sep 9 high, confirmed a clear bullish price sequence of higher highs and higher lows. On the downside, key support is seen at 1.3247, trendline support drawn off the Sep 1 low.

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