- USD/CAD is trying to revive the main bull trend as this Thursday is set to be the best daily advance since August 10.
- USD/CAD is trading in a bull channel with rising and widening simple moving averages. Suggesting bullish momentum. USD/CAD reached the first target at 1.3100, the next target is in the 1.3120-1.3155 zone which acted as a strong resistance level in the past weeks. Since USD/CAD just hit 1.3100 figure and it has exceeded its average daily range, it is reasonable to expect some consolidation before the next leg up.
- A bear breakout below 1.3022 would invalidate the bullish bias.
USD/CAD 15-minute chart
Spot rate: 1.3087
Relative change: 0.69%
High: 1.3001
Low: 1.2989
Trend: Bullish
Resistance 1: 1.3100 figure
Resistance 2: 1.3120-1.3155 zone, supply/demand level and June 18 low
Resistance 3: 1.3172 August 13 swing high
Support 1: 1.3048-1.3066 area, August 14 low and July 9 low
Support 2: 1.3022 July 25 low
Support 3: 1.3000 figure
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