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USDCAD TECHS: Clears The Last Fibonacci Retracement Point

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.4000 Round number resistance  
  • RES 3: 1.3946 High Aug 5 and a key resistance
  • RES 2: 1.3913 2.0% 10-dma envelope   
  • RES 1: 1.3856 High AUg 6 
  • PRICE: 1.3838 @ 13:47 BST Oct 15
  • SUP 1: 1.3725/3622 Low Oct 11 / 20-day EMA
  • SUP 2: 1.3567 Low Oct 7 
  • SUP 3: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 4: 1.3413 Low Feb 9

USDCAD is again trading higher, today. Short-term gains confirm an extension of the bull cycle that started Sep 25. The pair has breached 1.3822, the 76.4% Fibonacci retracement of the Aug 5 - Sep 25 bear leg. The move reinforces a bullish theme and opens 1.3946, the Aug 5 high. Initial firm support to watch lies at 1.3622, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.

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  • RES 4: 1.4000 Round number resistance  
  • RES 3: 1.3946 High Aug 5 and a key resistance
  • RES 2: 1.3913 2.0% 10-dma envelope   
  • RES 1: 1.3856 High AUg 6 
  • PRICE: 1.3838 @ 13:47 BST Oct 15
  • SUP 1: 1.3725/3622 Low Oct 11 / 20-day EMA
  • SUP 2: 1.3567 Low Oct 7 
  • SUP 3: 1.3473/3420 Low Oct 2 / Low Sep 25 and the bear trigger
  • SUP 4: 1.3413 Low Feb 9

USDCAD is again trading higher, today. Short-term gains confirm an extension of the bull cycle that started Sep 25. The pair has breached 1.3822, the 76.4% Fibonacci retracement of the Aug 5 - Sep 25 bear leg. The move reinforces a bullish theme and opens 1.3946, the Aug 5 high. Initial firm support to watch lies at 1.3622, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.