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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3736 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3575 High Aug 18
  • PRICE: 1.3551 @ 08:00 BST Aug 23
  • SUP 1: 1.3440 Low Aug 15
  • SUP 2: 1.3428 20-day EMA
  • SUP 3: 1.3367 50-day EMA
  • SUP 4: 1.3266 Low Aug 2

USDCAD short-term conditions remain bullish and the pair is trading at its recent highs. Recent strength reinforces the bullish condition and maintains the positive price sequence of higher highs and higher lows. The pair has breached 1.3523, 76.4% of the May 26 - Jul 14 downleg. This signals scope for a climb towards 1.3655 key resistance, the May 26 high. On the downside, support to watch lies at 1.3428, the 20-day EMA.

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