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Trend Needle Points North

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13, 2022
  • RES 3: 1.3904 1.0% 10-dma envelope
  • RES 2: 1.3899 High Nov 1 and a key resistance
  • RES 1: 1.3865 High Jul 29
  • PRICE: 1.3846 @ 07:57 BST Jul 30
  • SUP 1: 1.3778 Low Jul 24
  • SUP 2: 1.3739 20-day EMA
  • SUP 3: 1.3702 50-day EMA
  • SUP 4: 1.3367 Low Jul 17

The recent climb in USDCAD resulted in a break of 1.3792, the Jun 11 high, and more recently, a print above key resistance at 1.3846, the Apr 16 high. Conditions are overbought, however, a clear break of 1.3846 would strengthen the bull theme and pave the way for a continuation higher, towards 1.3899, the Nov 1 high ‘23 and a key resistance. Firm support lies at 1.3702, the 50-day EMA. A pullback would be considered corrective.

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