USD/CAD Technical Analysis: Greenback break to new monthly highs above 1.3100 against the Loonie

• USD/CAD is trading in a bull trend as the 50-period simple moving average (SMA) broke above the 200 SMA.  
• USD/CAD broke above the former October highs as it is challenging the 1.3100 figure. The RSI, MACD and Stochastic indicators are constructive for potential gains ahead in the coming sessions.
• The next targets for bulls are likely located near 1.3150 figure and 1.3200 figure. A bear breakout below 1.3048 (August 14 low) would likely be a warning sign for bulls.

USD/CAD 4-hour chart

Spot rate:                   1.3100
Relative change:        0.12%  
High:                          1.3120
Low:                           1.3027

Main trend:                Bullish  

Resistance 1:            1.3108, September 7 low
Resistance 2:            1.3150 figure
Resistance 3:            1.3200 figure

Support 1:                 1.3083 September 27 swing high
Support 2:                 1.3048 August 14 low
Support 3:                 1.3000 figure
Support 4:                 1.2950-59 multi-month key level and August 7 low