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USDCAD TECHS: Overbought But Bull Cycle Remains In Play

USDCAD TECHS
USForeign Exchange Technical AnalysisCanadaBulletGlobalForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3899 High Nov 1 and a key resistance    
  • RES 3: 1.3866 1.0% 10-dma envelope
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3849 High Jul 25
  • PRICE: 1.3814 @ 15:36 BST Jul 26
  • SUP 1: 1.3778 Low Jul 24   
  • SUP 2: 1.3715 20-day EMA 
  • SUP 3: 1.3690 50-day EMA
  • SUP 4: 1.33657 Low Jul 17 

The impulsive rally in USDCAD persists, with the pair showing above 1.3792 resistance this week, topping out at 1.3849. This has resulted in a print above key resistance at 1.3846, the Apr 16 high. Conditions are overbought, however, a clear break of 1.3846 would strengthen the bull theme and pave the way for a continuation higher, towards 1.3899, the Nov 1 high ‘23 and a key resistance. Firm support lies at 1.3690, the 50-day EMA.

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  • RES 4: 1.3899 High Nov 1 and a key resistance    
  • RES 3: 1.3866 1.0% 10-dma envelope
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3849 High Jul 25
  • PRICE: 1.3814 @ 15:36 BST Jul 26
  • SUP 1: 1.3778 Low Jul 24   
  • SUP 2: 1.3715 20-day EMA 
  • SUP 3: 1.3690 50-day EMA
  • SUP 4: 1.33657 Low Jul 17 

The impulsive rally in USDCAD persists, with the pair showing above 1.3792 resistance this week, topping out at 1.3849. This has resulted in a print above key resistance at 1.3846, the Apr 16 high. Conditions are overbought, however, a clear break of 1.3846 would strengthen the bull theme and pave the way for a continuation higher, towards 1.3899, the Nov 1 high ‘23 and a key resistance. Firm support lies at 1.3690, the 50-day EMA.