USDCAD TECHS: Bullish Trend Structure

• RES 4: 93.00 Round number resistance     
• RES 3: 92.74 61.8% retracement of the Jul 1 - 18 bear leg     
• RES 2: 92.42 50.0% retracement of the Jul 1 - 18 bear leg   
• RES 1: 91.92/92.15 20-day EMA / High Jul 22
• PRICE: 91.47 @ Close BST Jul 28 
• SUP 1: 91.18/91.08 Low Jul 24 / 18 and the bear trigger   
• SUP 2: 90.97 76.4% retracement of the May 22 - Jul 1 bull leg
• SUP 3: 90.59 Low May 29   
• SUP 4: 90.46 Low May 23        

Gilt futures have pulled back from the Jul 22 high. For now the contract remains above its recent lows. A rally early last week resulted in a break of the 20-day EMA. A resumption of gains would signal scope for a climb towards 92.42 next, a Fibonacci retracement. On the downside, key support and the bear trigger has been defined at 91.08, the Jul 18 low. Clearance of this level would resume the bear cycle that started Jul 1.

• RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing 
• RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
• RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
• RES 1: 174.00 Round number resistance
• PRICE: 173.63 @ 07:57 BST Jul 28
• SUP 1: 171.47 20-day EMA
• SUP 2: 170.81 Low Jul 11
• SUP 3: 169.77 Low Jul 7  
• SUP 4: 168.76 50-day EMA   

A bullish trend condition in EURJPY remains intact and the cross continues to appreciate. A fresh cycle high today, maintains the positive price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position. Sights are on the 174.00 handle next. Support to watch lies at 171.47, the 20-day EMA. A clear breach of this average would signal scope for a corrective pullback

Gilt calls, 91.55/91.58.