USDCAD TECHS: Bullish Theme

• RES 4: 1.4111 High Apr 10  
• RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
• RES 2: 1.3925 High Aug 22 and the bull trigger
• RES 1: 1.3890 High Sep 11
• PRICE: 1.3839 @ 08:03 BST Sep 15
• SUP 1: 1.3790/27 50-day EMA / 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  

Despite last Thursday’s pullback, a bull cycle in USDCAD remains intact. The recovery from the Aug 29 low highlights a reversal signal and if correct, marks the end of the corrective pullback between Aug 22 - 29. A continuation 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: 0.6729 1.236 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 3: 0.6688 High Nov 7 ‘24
• RES 2: 0.6677 1.00 proj of the Jun 23 - Jul 11 - 17 price swing
• RES 1: 0.6669 High Sep 12
• PRICE: 0.6659 @ 08:00 BST Sep 15
• SUP 1: 0.6558/6526 20- and 50-day EMA values
• 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 bulls remain in the driver’s seat despite. Last week’s gains plus the breach of 0.6625, the Jul 24 high and bull trigger, confirm a resumption of the uptrend. The climb opens 0.6677, a Fibonacci projection. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Key support to watch is 0.6415, the Aug 21 / 22 low. Initial firm support to monitor lies at 0.6526, the 50-day EMA.

Gilt calls, 91.18/91.28.