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  • 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