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  • USD/CAD is trading just below a daily trendline which is acting as resistance for the main bullish trend to resume.  
  • USD/CAD bulls are also having a hard time due to the 1.3120-1.3155  area which is acting as strong resistance level for the last weeks of trading. Until the market cannot have a sustained breakout above the area, the short-term momentum is bearish with targets at 1.3100 figure and 1.3053-1.3066 area.  
  • A bull breakout above 1.3200 would negate the bearish short-term scenario.  

USD/CAD 15-minute chart  

Spot rate:                   1.3142
Relative change:         0.00%  
High:                          1.3166
Low:                           1.3111

Trend:                                 Bullish  
Short-term Trend:               Bearish below 1.3200

Resistance 1:            1.3120-1.3155 area, supply/demand level and June 18 low
Resistance 2:            1.3172 August 13 swing high  
Resistance 3:            1.3200 figure  
Resistance 4:            1.3271 June 29 high  
Resistance 5:            1.3350 figure
Resistance 6:            1.3388, 2018 high
Resistance 7:            1.3543 June 9, 2017 swing high

Support 1:                 1.3100 figure  
Support 2:                 1.3053-1.3066 area, June 5 swing high and July 9 low
Support 3:                 1.3022 July 25 low
Support 4:                 1.3000 figure
Support 5:                 1.2974 August 1 swing low
Support 6:                 1.2900 figure
Support 7:                 1.2855 June 6 low