USD/CAD Technical Analysis: October Wedge is entering into effect as the market is capped below 1.3150

• USD/CAD is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.
• USD/CAD created a wedge pattern in October and the market is having trouble to continue the uptrend since the start of November. 1.3150 should cap any bullish advances. The RSI, MACD and Stochastic are turning bearish.  
• Targets to the downside can be located near 1.3083 (September 27 swing high) and 1.3053 (October 15 high).  

USD/CAD-hour chart

Main trend:                Bullish
Short-term trend:       Bearish

Resistance 1:            1.3161 October 26 high
Resistance 2:            1.3200 figure
Resistance 3:            1.3300 figure

Support 1:            1.3108, September 7 low
Support 2:            1.3083 September 27 swing high
Support 3:            1.3053 October 15 high
Support 4:            1.3000 figure
Support 5:            1.2950-59 multi-month key level and August 7 low

Additional key levels at a glance: