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USDCAD TECHS: Monitoring Resistance At The 50-Day EMA

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3693 High Aug 19
  • RES 3: 1.3646 High Aug 15
  • RES 2: 1.3635 50-day EMA  
  • RES 1: 1.3582 High Sep 06
  • PRICE: 1.3564 @ 07:55 BST Sep 10
  • SUP 1: 1.3441 Low Aug 28 and the bear trigger 
  • SUP 2: 1.3420 Low Mar 08
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
  • SUP 4: 1.3288 Low Jan 05

Recent gains in USDCAD appear to be corrective, however, Friday’s strong gains signal scope for an extension near-term. The latest recovery has exposed resistance at the 50-day EMA, at 1.3635. A breach of the average is required to signal scope for a stronger bullish cycle. A reversal lower would refocus attention on 1.3441, the Aug 28 low and the bear trigger. Clearance of this level would confirm a resumption of the downtrend that started Aug 5.

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  • RES 4: 1.3693 High Aug 19
  • RES 3: 1.3646 High Aug 15
  • RES 2: 1.3635 50-day EMA  
  • RES 1: 1.3582 High Sep 06
  • PRICE: 1.3564 @ 07:55 BST Sep 10
  • SUP 1: 1.3441 Low Aug 28 and the bear trigger 
  • SUP 2: 1.3420 Low Mar 08
  • SUP 3: 1.3358 76.4% retracement of the Dec 27 - Aug 5 bull leg
  • SUP 4: 1.3288 Low Jan 05

Recent gains in USDCAD appear to be corrective, however, Friday’s strong gains signal scope for an extension near-term. The latest recovery has exposed resistance at the 50-day EMA, at 1.3635. A breach of the average is required to signal scope for a stronger bullish cycle. A reversal lower would refocus attention on 1.3441, the Aug 28 low and the bear trigger. Clearance of this level would confirm a resumption of the downtrend that started Aug 5.