- USD/CAD bull leg is losing steam as it is finding resistance at the 1.3000 figure and the 200-period simple moving average on the 4-hour chart.
- A break below 1.2950 should initially target 1.2900 figure and possibly 1.2800 if the bears have enough fuel.
- A bull breakout above 1.3000 would invalidate the bearish bias.
USD/CAD 4-hour chart
Spot rate: 1.2967
Relative change: 0.04%
High: 1.3003
Low: 1.2951
Main trend: Neutral
Resistance 1: 1.3000 figure
Resistance 3: 1.3048 August 14 low
Resistance 4: 1.3108, September 7 low
Resistance 5: 13200 figure
Support 1: 1.2950-59 multi-month resistance and August 7 low
Support 2: 1.2882-1.2900 September 20 low and figure
Support 3: 1.2855-65 June 6 low – 200-day SMA
Support 4: 1.2800 figure
Support 5: 1.2727 May 11 low
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