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  • USD/CAD is currently having a pullback up after the drop seen on Wednesday. The market found resistance a few pips before the 1.3100 level.  
  • As it stands the bearish picture on USD/CAD remains in place with the currency pair trading below its 200-period simple moving average and below the 1.3100 psychological figure.  
  • USD/CAD next scaling points the downside are seen near 1.3053-1.3066 area and 1.2974, May 9 high. On the flip side, the 1.3100 and 1.3120 should act as a solid ceiling, a strong breakout above the 1.3120-13155 former range (yellow lines) would be seen as quite negative for bears.  

USD/CAD 15-minute chart  

Spot rate:                   1.3066
Relative change:        0.15%  
High:                          1.3094
Low:                           1.3023

Trend:                         Bearish

Resistance 1:            1.3100-1.3120 figure and supply/demand level
Resistance 2:            1.3155 June 18 low
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:                 1.3053-1.3066 area June 5 swing high and July 9 low
Support 2:                 1.2974 May 9 high
Support 3:                 1.2900 figure