“¢ The pair faded a knee-jerk spike to two-week tops and quickly retreated around 70-pips from levels beyond the 1.3100 handle touched during the early North-American session.
“¢ Further downside, however, remained limited and the pair found decent support near Asian session lows, around the 1.3050 horizontal zone.
“¢ The fact that the pair has managed to hold above important moving averages (50, 100 & 200-period) points to a near-term bullish set-up on the 1-hourly chart.
“¢ However, a convincing break below mid-1.3000s might negate the positive outlook and turn the pair vulnerable to resume with its prior depreciating slide.
USD/CAD 1-hourly chart
Spot rate: 1.3065
Daily High: 1.3120
Daily Low: 1.3049
Trend: Bearish only below 1.3050-40 horizontal support
Resistance
R1: 1.3100 (round figure mark)
R2: 1.3120 (current day swing high)
R3: 1.3147 (R2 daily pivot-point)
Support
S1: 1.3050 (horizontal zone)
S2: 1.3025 (200-period SMA H1)
S3: 1.3000 (psychological round figure mark)
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