- USD/CAD is trading in a bear channel within the main bull trend.
- USD/CAD is consolidating after the market reached the 1.3048-1.3066 area (August 14 low and July 9 low). USD/CAD reached its average daily range so more consolidation is likely before any new meaningful directional move.
- A consolidation in the 1.3000-1.3070 area is likely for the rest of Friday.
USD/CAD 4-hour chart
Spot rate: 1.3043
Relative change: 0.46%
High: 1.3074
Low: 1.2968
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 zone, supply/demand level and June 18 low
Resistance 4: 1.3172 August 13 swing high
Support 1: 1.3022 July 25 low
Support 2: 1.3000 figure
Support 3: 1.2984 August 29 swing low
Support 4: 1.2959 August 7 swing low
Support 5: 1.2920 supply level
Support 6: 1.2900 figure
Support 7: 1.2857 June 6 low
Support 8: 1.2800 figure
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