Home USD/CAD Technical Analysis: Bears take the lead and drive USD/CAD at weekly lows near 1.3000 figure
FXStreet News

USD/CAD Technical Analysis: Bears take the lead and drive USD/CAD at weekly lows near 1.3000 figure

  • USD/CAD main bull trend is currently on hold.  
  • USD/CAD is attempting to break below 1.3000 figure after it found resistance at the flat 100 and 200-period simple moving averages. The RSI, MACD and Stochastics indicators are weakening suggesting lower prices in the session ahead with a potential target at 1.2885 August 28 swing low.  
  • A bull breakout above 1.3100 would invalidate the bearish bias.  

USD/CAD 4-hour chart

Spot rate:                   1.3000
Relative change:       -0.35%  
High:                          1.3066
Low:                           1.2983

Trend:                        Bullish  
Short-term trend:       Bearish

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3108, September 7 low  
Resistance 3:            1.3155 June 18 low
Resistance 4:            1.3172 August 13 swing high  
Resistance 5:            1.3200 figure  
Resistance 6:            1.3300 figure
Resistance 7:            1.3388, 2018 high

Support 1:            1.3000 figure
Support 2:            1.2959 August 7 low
Support 3:            1.2885 August 28 swing low
Support 4:            1.2855 June 6 low

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.