- USD/CAD found support just above the 1.2800 support preventing bears from reaching and exceeding 1.2959 swing low and creating a lower low on the daily chart. The bull trend has been on hold since mid-June, however bulls are starting to show some activity.
- USD/CAD is forming a bull channel as the market found support at the 200-period simple moving average (SMA). The 50 SMA crossed above the 200 SMA suggesting building bullish momentum. Targets to the upside are located near 1.3100 and 1.3120-1.3155 area.
- A bear breakout below 1.3022 would invalidate the bullish bias.
USD/CAD 15-minute chart
Spot rate: 1.3055
Relative change: 0.44%
High: 1.3081
Low: 1.2989
Trend: Bullish
Resistance 1: 1.3048-1.3066 area, August 14 low and July 9 low
Resistance 2: 1.3100 figure
Resistance 3: 1.3120-1.3155 area, supply/demand level and June 18 low
Support 1: 1.3022 July 25 low
Support 2: 1.3000 figure
Support 3: 1.2959 August 7 swing low
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