USDCAD TECHS: Bull Flag

• RES 4: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg  
• RES 3: 1.3925 High Aug 22 and the bull trigger
• RES 2: 1.3868 High Aug 26 
• RES 1: 1.3854 High Sep 05
• PRICE: 1.3801 @ 08:02 BST Sep 9
• SUP 1: 1.3727 Low Aug 27 and a bear trigger  
• SUP 2: 1.3709 61.8% retracement of the Jul 23 - Aug 22 bull cycle
• SUP 3: 1.3658 76.4% retracement of the Jul 23 - Aug 22 bull cycle 
• SUP 4: 1.3637 Low Jul 25  

A bull cycle in USDCAD remains intact. Near term, the recovery from the Aug 29 low highlights a potential early reversal signal and if correct, the end of the corrective pullback between Aug 22 - 29. An extension higher would open the bull trigger at 1.3925, the Aug 22 high. Support lies at 1.3727, the Aug 29 low. Clearance of this level would instead reinstate a short-term bear theme and expose 1.3709 initially, a Fibonacci retracement.

• RES 4: 0.6688 High Nov 7 ‘24
• RES 3: 0.6677 0.764 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 2: 0.6625 High Jul 24 and the bull trigger 
• RES 1: 0.6615 Intraday high 
• PRICE: 0.6605 @ 07:59 BST Sep 9
• SUP 1: 0.6522 20-day EMA
• SUP 2: 0.6463/6415 Low Aug 27 / Low Aug 21 / 22 and a bear trigger
• SUP 3: 0.6373 Low Jun 23 
• SUP 4: 0.6354 38.2% retracement of the Apr 9 - Jul 24 upleg

AUDUSD traded higher again Monday to build on the latest gains and remains firm. The current bull cycle confirms the end of a corrective phase that started on Jul 24. Resistance at 0.6569, the Aug 14 high, has been cleared. This exposes key resistance and the bull trigger at 0.6625, the Jul 24 high. Support to watch is 0.6415, the Aug 21 / 22 low. A clear break of it would instead resume a bear leg and highlight a stronger reversal.

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