USD/CAD Technical Analysis: Hard to get above 1.3200 figure – More down in the short-term

• USD/CAD main bull trend is currently on hold as the market is consolidating below the 1.3200 figure.  
• USD/CAD rejected the 1.3200 figure this Monday as the RSI, MACD and Stochastics indicators are showing  increasing signs of weakness.  
• Bears initial target is seen near the 1.3120 supply/demand level followed by 1.3048-1.3066 area. However, a breakout above 1.3200 would invalidate the short-term bearish bias.  

USD/CAD 4-hour chart

Spot rate:                   1.3164
Relative change:          0.04%  
High:                          1.3200
Low:                           1.3149

Trend:                        Bullish  
Short-term:                Bearish below 1.3200

Resistance 1:            1.3172 August 13 swing high  
Resistance 2:            1.3200 figure  
Resistance 3:            1.3300 figure
Resistance 4:            1.3388, 2018 high

Support 1:            1.3120-1.3155 zone, supply/demand level and June 18 low
Support 2:            1.3048-1.3066 area, August 14 low and July 9 low
Support 3:            1.3000 figure