August 01, 2024 20:00 GMT
USDCAD TECHS: Bullish Trend Structure
USDCAD TECHS
- RES 4: 1.3977 High Oct 13, 2022
- RES 3: 1.3934 1.0% 10-dma envelope
- RES 2: 1.3899 High Nov 1 and a key resistance
- RES 1: 1.3865 High Jul 29
- PRICE: 1.3839 @ 16:18 BST Aug 1
- SUP 1: 1.3788 Low Jul 31
- SUP 2: 1.3755 20-day EMA
- SUP 3: 1.3711 50-day EMA
- SUP 4: 1.3367 Low Jul 17
Trend conditions in USDCAD remain bullish and Wednesday’s pullback appears to be a correction. Recent gains 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. The trend condition is overbought, however, a clear break of 1.3846 would strengthen the bull theme and open 1.3899, the Nov 1 ‘23 high and a key resistance. Firm support lies at 1.3711, the 50-day EMA.
129 words