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USDCAD TECHS: Clears Key Resistance

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3791 High Aug 7    
  • RES 3: 1.3745 61.8% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3695 High Oct 9
  • RES 1: 1.3694 1.0% 10-dma envelope
  • PRICE: 1.3661 @ 16:34 BST Oct 9
  • SUP 1: 1.3556 20-day EMA
  • SUP 2: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

USDCAD traded higher Tuesday, confirming an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of resistance at 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal. Sights are on 1.3683 next, a Fibonacci retracement point. Initial firm support to watch lies at 1.3556, the 20-day EMA.     

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  • RES 4: 1.3791 High Aug 7    
  • RES 3: 1.3745 61.8% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3695 High Oct 9
  • RES 1: 1.3694 1.0% 10-dma envelope
  • PRICE: 1.3661 @ 16:34 BST Oct 9
  • SUP 1: 1.3556 20-day EMA
  • SUP 2: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 3: 1.3413 Low Feb 9
  • SUP 4: 1.3358 76.4% retracement of the Dec 27 ‘23 - Aug 5 bull run

USDCAD traded higher Tuesday, confirming an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of resistance at 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal. Sights are on 1.3683 next, a Fibonacci retracement point. Initial firm support to watch lies at 1.3556, the 20-day EMA.