August 09, 2024 20:00 GMT
USDCAD TECHS: Pierces The 50-Day EMA
USDCAD TECHS
- RES 4: 1.4048 High May 22 2020
- RES 3: 1.4000 Round number resistance
- RES 2: 1.3977 High Oct 13, 2022
- RES 1: 1.3856/3946 High Aug 6 / 5
- PRICE: 1.3729 @ 16:36 BST Aug 9
- SUP 1: 1.3731/18 50-day EMA / Intraday low
- SUP 2: 1.3657 Low Jul 17
- SUP 3: 1.3589 Low Jun 11 and a key support
- SUP 4: 1.3547 Low Apr 9
Trend conditions in USDCAD remain bullish and recent gains reinforce this theme. A key resistance at 1.3846, the Apr 16 high, has been cleared. This signals scope for 1.3977, the Oct 13 ‘22 high. Near-term, the pair has pulled back from Monday’s high. A move lower appears to be a correction and is allowing an overbought condition to unwind. The 50-day EMA, at 1.3731, has been pierced. A clear break would expose 1.3657, the Jul 17 low.
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