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USDCAD TECHS: Testing Support At The 50-Day EMA

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance     
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3755/3792 High Jul 2 / High Jun 11
  • PRICE: 1.3626 @ 17:00 BST Jul 3 
  • SUP 1: 1.3618/3590 Low Jul 03 / Low May 16 and a key support
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

For now, USDCAD continues to trade above its most recent lows. Price has again breached support at the 50-day EMA - currently at 1.3679. A clear break of this average would threaten a bullish theme and expose support at 1.3590, the May 16 low. The medium-term trend outlook is bullish and a stronger resumption of gains would refocus attention on key resistance at 1.3846, the Apr 16 high. 

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  • RES 4: 1.3977 High Oct 13 ‘23 and a key M/T resistance     
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
  • RES 1: 1.3755/3792 High Jul 2 / High Jun 11
  • PRICE: 1.3626 @ 17:00 BST Jul 3 
  • SUP 1: 1.3618/3590 Low Jul 03 / Low May 16 and a key support
  • SUP 2: 1.3547 Low Apr 9
  • SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
  • SUP 4: 1.3478 Low Apr 4 

For now, USDCAD continues to trade above its most recent lows. Price has again breached support at the 50-day EMA - currently at 1.3679. A clear break of this average would threaten a bullish theme and expose support at 1.3590, the May 16 low. The medium-term trend outlook is bullish and a stronger resumption of gains would refocus attention on key resistance at 1.3846, the Apr 16 high.