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USDCAD TECHS: Winning Streak Extends

USDCAD TECHS
USForeign Exchange Technical AnalysisGlobalCanadaBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 1.3946 High Aug 5 and a key resistance  
  • RES 3: 1.3885 2.0% 10-dma envelope
  • RES 2: 1.3822 76.4% retracement of the Aug 5 - Sep 25 bear leg   
  • RES 1: 1.3789 Intraday high 
  • PRICE: 1.3780 @ 08:02 BST Oct 14
  • SUP 1: 1.3696/3605 Low Oct 10 / 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 continues to extend its winning streak of higher highs and higher lows and has traded to a fresh cycle high today. Short-term gains confirm an extension of the bull cycle that started Sep 25. Sights are on 1.3822 next, a Fibonacci retracement point. A break of this level would reinforce a bullish theme. Initial firm support to watch lies at 1.3605, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.

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  • RES 4: 1.3946 High Aug 5 and a key resistance  
  • RES 3: 1.3885 2.0% 10-dma envelope
  • RES 2: 1.3822 76.4% retracement of the Aug 5 - Sep 25 bear leg   
  • RES 1: 1.3789 Intraday high 
  • PRICE: 1.3780 @ 08:02 BST Oct 14
  • SUP 1: 1.3696/3605 Low Oct 10 / 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 continues to extend its winning streak of higher highs and higher lows and has traded to a fresh cycle high today. Short-term gains confirm an extension of the bull cycle that started Sep 25. Sights are on 1.3822 next, a Fibonacci retracement point. A break of this level would reinforce a bullish theme. Initial firm support to watch lies at 1.3605, the 20-day EMA. A pullback would be considered corrective and allow an overbought condition to unwind.