USDCAD TECHS: Outlook Remains Bullish

• RES 4: 1.3681 High Jul 4
• RES 3: 1.3620 High Jul 10 
• RES 2: 1.3589 High Jul 24 
• RES 1: 1.3524 High Aug 12
• PRICE: 1.3520 @ 08:01 BST Aug 13
• SUP 1: 1.3144 38.2% retracement of the Jan 13 - Jul 1 bull cycle
• SUP 2: 1.3041 Low Apr 14
• SUP 3: 1.3000 Round number support 
• SUP 4: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull cycle   

Prices traded higher again Tuesday, further building on the gains posted after the break of the 50-day EMA on the August BoE rate decision. This firms the speed of the recovery off the 1.3142 pullback low and signals a greater probability of a bullish reversal. For now, S/T momentum is still pointed higher, with the Jul 24 high of 1.3589 the next notable upside level. While the bounce off the pullback low persists, the more medium-term trend remains bearish - but the risk of a return to recent lows has fallen. 

• RES 4: 1.1851 High Sep 10 2021
• RES 3: 1.1829 High Jul 01 and the bull trigger 
• RES 2: 1.1789 High Jul 24 
• RES 1: 1.1699 High Aug 7
• PRICE: 1.1692 @ 07:59 BST Aug 13
• SUP 1: 1.1401 Low Jul 30 and a bear trigger
• SUP 2: 1.1373 Low Jun 10
• SUP 3: 1.1313 Low May 30
• SUP 4: 1.1184 38.2% retracement of the Feb 3 - Jul 1 bull cycle  

EUR/USD edged higher Tuesday and is firm again to start the Wednesday session. Prices are extending gains on the clearance of the post-NFP high - keeping the recovery off the late July pullback low intact. This works against the bearish backdrop that had dominated the pullback from 1.1829. The break of firm resistance into 20-day EMA, now at 1.1624, is signaling greater odds of a further reversal higher. Major support below rests at 1.1373 next, the Jun 10 low. 

• MNI: SPAIN JUL HICP -0.3% M/M, +2.7% Y/Y