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USDCAD TECHS: Approaching Key Resistance

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.4131 2.0% 10-dma envelope  
  • RES 3: 1.4000 Round number resistance
  • RES 2: 1.3946 High Aug 5 and a key resistance   
  • RES 1: 1.3945 High Oct 31
  • PRICE: 1.3938 @ 16:46 GMT Oct 31
  • SUP 1: 1.3838/3785 Low Oct 25 / 20-day EMA
  • SUP 2: 1.3701 50-day EMA 
  • SUP 3: 1.3611 Low Oct 8 
  • SUP 4: 1.3567 Low Oct 7

The USDCAD trend outlook remains bullish and the pair is holding on to its recent gains. Price has recently cleared 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and sights are on 1.3946, the Aug 5 high and the next key hurdle for bulls. Initial firm support to watch lies at 1.3785, the 20-day EMA. The uptrend is overbought, a pullback would allow this condition to unwind. 

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  • RES 4: 1.4131 2.0% 10-dma envelope  
  • RES 3: 1.4000 Round number resistance
  • RES 2: 1.3946 High Aug 5 and a key resistance   
  • RES 1: 1.3945 High Oct 31
  • PRICE: 1.3938 @ 16:46 GMT Oct 31
  • SUP 1: 1.3838/3785 Low Oct 25 / 20-day EMA
  • SUP 2: 1.3701 50-day EMA 
  • SUP 3: 1.3611 Low Oct 8 
  • SUP 4: 1.3567 Low Oct 7

The USDCAD trend outlook remains bullish and the pair is holding on to its recent gains. Price has recently cleared 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and sights are on 1.3946, the Aug 5 high and the next key hurdle for bulls. Initial firm support to watch lies at 1.3785, the 20-day EMA. The uptrend is overbought, a pullback would allow this condition to unwind.