USD/CAD Technical Analysis: Bulls rebounding at 1.2800 can open gates to 1.2900 figure
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USD/CAD Technical Analysis: Bulls rebounding at 1.2800 can open gates to 1.2900 figure

  • USD/CAD main bull trend has transitioned to neutral as the market broke below the 200-day simple moving average.  
  • USD/CAD is trading far away from its falling simple moving averages, suggesting a potential return to the mean. The RSI indicator has left the oversold condition while the MACD is slowly turning bullish. The Stochastics indicator is still in oversold condition but is starting to rise while the 1.2800 figure has been holding since Monday. All-in-all suggesting that a rebound to 1.2882-1.2900 (September 20 low, figure) can be on the cards for bulls.
  • A bear breakout below 1.2800 would invalidate the short-term bullish bias.    

USD/CAD 4-hour chart

Spot rate:                   1.2824
Relative change:         0.08%  
High:                          1.2843
Low:                           1.2796

Main trend:                Bullish to neutral

Resistance 1:            1.2855-65 June 6 low – 200-day SMA
Resistance 2:            1.2882 September 20 low
Resistance 3:            1.2959 August 7 low
Resistance 4:            1.3000 figure
Resistance 5:            1.3048 August 14 low
Resistance 6:            1.3108, September 7 low
Resistance 7:            13200 figure
 
Support 1:                 1.2800 figure
Support 2:                 1.2727 May 11 low
Support 3:                 1.2600 figure

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