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USDCAD TECHS: Pierces Resistance At The 50-Day EMA

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3739 High Aug 15    
  • RES 3: 1.3693 High Aug 19  
  • RES 2: 1.3647 High Sep 19 and key resistance
  • RES 1: 1.3620 High Oct 7
  • PRICE: 1.3607 @ 16:33 BST Oct 7
  • SUP 1: 1.3539 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

The trend condition in USDCAD remains bearish and the latest recovery appears to be a correction - for now. Note that the pair has pierced 1.3584, the 50-day EMA. A clear break of this EMA would signal scope for a stronger recovery that would expose 1.3647, the Sep 19 high and a key resistance. Initial firm support is 1.3473, Oct 2 low. A breach would signal a resumption of the downtrend and expose 1.3420, Sep 25 low and bear trigger.    

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  • RES 4: 1.3739 High Aug 15    
  • RES 3: 1.3693 High Aug 19  
  • RES 2: 1.3647 High Sep 19 and key resistance
  • RES 1: 1.3620 High Oct 7
  • PRICE: 1.3607 @ 16:33 BST Oct 7
  • SUP 1: 1.3539 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

The trend condition in USDCAD remains bearish and the latest recovery appears to be a correction - for now. Note that the pair has pierced 1.3584, the 50-day EMA. A clear break of this EMA would signal scope for a stronger recovery that would expose 1.3647, the Sep 19 high and a key resistance. Initial firm support is 1.3473, Oct 2 low. A breach would signal a resumption of the downtrend and expose 1.3420, Sep 25 low and bear trigger.