- USD/CAD is currently breaking out below the 1.3000 level as oil correlated-CAD is being boosted by a bullish spike in crude oil.
- USD/CAD bearish bias remains in place as long as the market doesn’t trade above the 1.3120-1.3155 zone. The scaling points to the downside are seen near 1.2974 May 9 high and 1.2900 figure.
- Later on in the day, the market is going to pay close attention to the FOMC statement at 18:00 GMT which can lead to high volatility.
USD/CAD 15-minute chart
Spot rate: 1.2980
Relative change: -0.21%
High: 1.3034
Low: 1.2974
Trend: Bearish
Resistance 1: 1.3000 figure
Resistance 2: 1.3022 last week low
Resistance 3: 1.3053-1.3066 area June 5 swing high and July 9 low
Resistance 4: 1.3100-1.3120 figure and supply/demand level
Resistance 5: 1.3155 June 18 low
Resistance 6: 1.3200 figure
Resistance 7: 1.3271 June 29 high
Resistance 8: 1.3350 figure
Resistance 9: 1.3388, 2018 high
Resistance 10: 1.3543 June 9, 2017 swing high
Support 1: 1.2974 May 9 high
Support 2: 1.2900 figure
Support 3: 1.2855 June 6 low