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  • USD/CAD broke above the 1.2900 figure confirming the bullish momentum.  
  • USD/CAD bulls next objective is to break above 1.2950 multi-month resistance and the 100-period simple moving average. A break of the level can open the doors to 1.3000 figure. The RSI, MACD and Stochastics are confirming the bullish bias.  
  • Alternatively, failure to break above 1.2950 can lead to a rotation back down towards 1.2800.  

USD/CAD 4-hour chart

Spot rate:                   1.2920
Relative change:        0.38%  
High:                          1.2939
Low:                           1.2855

Main trend:                Neutral

Resistances and Supports:

Resistance 1:            1.2950-59 multi-month resistance and August 7 low
Resistance 2:            1.3000 figure
Resistance 3:            1.3048 August 14 low
Resistance 4:            1.3108, September 7 low
Resistance 5:            13200 figure
 
Support 1:                 1.2882-1.2900 September 20 low and figure
Support 2:                 1.2855-65 June 6 low – 200-day SMA
Support 3:                 1.2800 figure
Support 4:                 1.2727 May 11 low
Support 5:                 1.2600 figure