- USD/CAD bears took the lead and drove the currency pair below the 1.3000 support level after breaking below 1.3022 last week low.
- USD/CAD has pulled back up from the daily low and is currently testing the 1.3022 level which has now become resistance.
- The gap between the 50-period simple moving average (SMA) is starting to widen relative to the 200 SMA suggesting that bearish momentum is building up, however, a clear breakout below 1.3000 would add extra-confirmation to the bearish bias.
USD/CAD 15-minute chart
Spot rate: 1.3014
Relative change: -0.3%
High: 1.3080
Low: 1.2991
Trend: Bearish
Resistance 1: 1.3022 last week low
Resistance 2: 1.3053-1.3066 area June 5 swing high and July 9 low
Resistance 3: 1.3100-1.3120 figure and supply/demand level
Resistance 4: 1.3155 June 18 low
Resistance 5: 1.3200 figure
Resistance 6: 1.3271 June 29 high
Resistance 7: 1.3350 figure
Resistance 8: 1.3388, 2018 high
Resistance 9: 1.3543 June 9, 2017 swing high
Support 1: 1.3000 figure
Support 2: 1.2974 May 9 high
Support 3: 1.2900 figure