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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3805 High Mar 24
  • RES 3: 1.3733 Trendline resistance drawn from the Oct 13 2022 high
  • RES 2: 1.3655 High May 26 and a key resistance
  • RES 1: 1.3604 High Aug 23
  • PRICE: 1.3529 @ 08:08 BST Aug 24
  • SUP 1: 1.3496 Low Aug 21
  • SUP 2: 1.3437 20-day EMA
  • SUP 3: 1.3373 50-day EMA
  • SUP 4: 1.3266 Low Aug 2

USDCAD traded higher Wednesday, before reversing into the close. The fresh cycle high yesterday reinforces the uptrend and maintains the price sequence of higher highs and higher lows. A clear break of 1.3600 would expose 1.3655, May 26 high. Note that a trendline resistance, drawn from the Oct 13 2022 high, is at 1.3733 and represents an objective further out. Support to watch is 1.3446, the 20-day EMA.

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