- USD/CAD is stuck in a tight 35-pip trading range this Friday. USD/CAD is keeping a bearish bias as long as it stays contained below the 1.3120-1.3150 zone.
- Bearish targets to the downside are located near 1.3053-1.3066 area and 1.2974 May 9 high.
- Earlier, the Gross Domestic Product Annualized (GDP) for the second quarter came in line with expectations at 4.1% while the Core Personal Consumption Expenditures for the second quarter came slightly below expectations at 2% versus 2.2% forecast. However, the data had no influence on USD/CAD.
USD/CAD 15-minute chart
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Spot rate: 1.3061
Relative change: -0.09%
High: 1.3081
Low: 1.3041
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
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