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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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  • 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.