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USDCAD TECHS: Winning Streak Extends

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3885 2.0% 10-dma envelope
  • RES 3: 1.3822 76.4% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3791 High Aug 7    
  • RES 1: 1.3784 High Oct 11
  • PRICE: 1.3776 @ 15:51 BST Oct 11
  • SUP 1: 1.3587 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

USDCAD extended the winning streak of higher highs and higher lows to seven consecutive sessions on Friday - the longest streak of higher highs since August 2023. This confirms an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal, which firms through 1.3791, the Aug 7 high. Initial firm support to watch lies at 1.3587, the 20-day EMA.

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  • RES 4: 1.3885 2.0% 10-dma envelope
  • RES 3: 1.3822 76.4% retracement of the Aug 5 - Sep 25 bear leg 
  • RES 2: 1.3791 High Aug 7    
  • RES 1: 1.3784 High Oct 11
  • PRICE: 1.3776 @ 15:51 BST Oct 11
  • SUP 1: 1.3587 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

USDCAD extended the winning streak of higher highs and higher lows to seven consecutive sessions on Friday - the longest streak of higher highs since August 2023. This confirms an extension of the bull cycle that started Sep 25. The move higher this week has resulted in a break of 1.3647, the Sep 19 high and a key resistance. Clearance of this level signals a possible reversal, which firms through 1.3791, the Aug 7 high. Initial firm support to watch lies at 1.3587, the 20-day EMA.