- USD/CAD main bull trend is on hold since late June.
- As anticipated USD/CAD reached 1.2885 (August 28 swing low). While USD/CAD might have a bounce at the current support, the bias remains bearish with the 50-period simple moving average (SMA) crossing below the 100 and 200-period SMA.
- If the bears break below 1.2885 support then 1.2855-65 (June 6 low – 200-day SMA) and 1.2800 figure can be next on the radar. However, since USD/CAD is oversold the move down might come next week.
USD/CAD 4-hour chart
Spot rate: 1.2901
Relative change: -0.11%
High: 1.2932
Low: 1.2884
Trend: Bullish
Short-term trend: Bearish
Resistance 1: 1.2959 August 7 low
Resistance 2: 1.3000 figure
Resistance 3: 1.3048 August 14 low
Resistance 4: 1.3108, September 7 low
Support 1: 1.2885 August 28 swing low
Support 2: 1.2855-65 June 6 low – 200-day SMA
Support 3: 1.2800 figure
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