- USD/CAD fell about 100 pips this Wednesday on a combination of weak USD and stronger CAD led by higher oil prices.
- USD/CAD reached the 1.3053-1.3066 support zone and is currently consolidating the current drop.
- The next scaling points to the downside are seen near 1.2974 May 9 high and the 1.2900 figure while minor resistance is seen at 1.3080 intraday swing low and then at 1.3100-1.3120 figure and supply/demand level.
USD/CAD 15-minute chart
Spot rate: 1.3051
Relative change: -0.77%
High: 1.3168
Low: 1.3031
Trend: Bearish
Resistance 1: 1.3100-1.3120 figure and supply/demand level
Resistance 2: 1.3155 June 18 low
Resistance 3: 1.3200 figure
Resistance 4: 1.3271 June 29 high
Resistance 5: 1.3350 figure
Resistance 6: 1.3388, 2018 high
Resistance 7: 1.3543 June 9, 2017 swing high
Support 1: 1.3053-1.3066 area June 5 swing high and July 9 low
Support 2: 1.2974 May 9 high
Support 3: 1.2900 figure