USD/CAD Technical Analysis: Loonie trapped in the October wedge above 1.3100 figure

• USD/CAD is trading in a bull trend above its 200-period simple moving average on the 4-hour chart.  
• USD/CAD has formed a monthly wedge throughout the month of October. The main bias is bullish and traders will be looking for a breakout of 1.3161 (October 26 high).  
• Alternatively, a break below 1.3083 (September 27 swing high) could be the start of a bearish pullback down to 1.3000 figure.

USD/CAD 4-hour chart

Main trend:                Bullish

Resistance 1:            1.3161 October 26 high
Resistance 2:            1.3200 figure
Resistance 3:            1.3300 figure

Support 1:            1.3108, September 7 low
Support 2:            1.3083 September 27 swing high
Support 3:            1.3053 October 15 high
Support 4:            1.3000 figure
Support 5:            1.2950-59 multi-month key level and August 7 low

Additional key levels at a glance: