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  • 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

Expert score

5

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