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Trades Above Trendline Resistance

USDCAD TECHS
  • RES 4: 1.3862 High Mar 10 and a key resistance
  • RES 3: 1.3805 High Mar 24
  • RES 2: 1.3745 High Mar 27
  • RES 1: 1.3736 High Oct 3
  • PRICE: 1.3715 @ 07:55 BST Oct 4
  • SUP 1: 1.3548 20-day EMA
  • SUP 2: 1.3497 50-day EMA
  • SUP 3: 1.3417 Low Sep 29
  • SUP 4: 1.3381 Low Sep 19 and a key support

USDCAD traded higher again Tuesday. The pair has this week breached key short-term resistance at 1.3695, the Sep 7 high. This highlights a bullish theme and reverses the recent bearish phase. The break confirms a resumption of the uptrend that started mid-July. Trendline resistance - at 1.3701 and drawn from the Oct 13 ‘22 high - has also been pierced. A clear trendline break would be bullish. Support is at 1.3548, the 20-day EMA.

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