October 25, 2024 07:04 GMT
USDCAD TECHS: Fresh Cycle High
USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 1.4078 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: 1.3869 High Oct 24
- PRICE: 1.3852 @ 08:03 BST Oct 25
- SUP 1: 1.3786/3728 Low Oct 18 / 20-day EMA
- SUP 2: 1.3667 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 traded to a fresh short-term cycle high yesterday. Price has breached 1.3822, 76.4% of the Aug 5 - Sep 25 bear leg. The breach reinforces a bullish theme and opens 1.3946, the Aug 5 high and the next key resistance. Initial firm support to watch lies at 1.3728, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.
130 words