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Uptrend Extends

  • RES 4: 1.3500 Round number resistance
  • RES 3: 1.3462 1.618 proj of the Aug 25 - Sep 7 - 13 price swing
  • RES 2: 1.3421/31 High Sep 30 2020 / 2.0% 10-dma envelope
  • RES 1: 1.3409 High Sep 21
  • PRICE: 1.3393 @ 16:44 BST Sep 21
  • SUP 1: 1.3227 Low Sep 20
  • SUP 2: 1.3132/2954 20-day EMA / Low Sep 13
  • SUP 3: 1.2895 Low Aug 25 and key near-term support
  • SUP 4: 1.2828 Low Aug 17

USDCAD maintains a clear bullish tone and the pair has traded higher today. The extension reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows. Moving average studies are in a bull mode position, highlighting current market sentiment. Sights are set on 1.3421 next, Sep 30 2020 high. On the downside, initial support is at 1.3227, yesterday’s low.

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