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  • USD/CAD created a double bottom with the August lows, giving bulls hopes to revive the main bull trend.
  • USD/CAD broke above the 50-period simple moving average and is now close to testing the 100 and 200-period simple moving average near the 1.3050 level.  The RSI, MACD and Stochastics indicators are rising suggesting bullish momentum.
  • After reaching 1.3000 target, bulls objective is to now reach 1.3048 August 14 low and 1.3108 (September 7 low). However deep pullbacks down  are to be expected near 1.2959 (August 7 low).  

USD/CAD 4-hour chart

Spot rate:                   1.3020
Relative change:        0.50%  
High:                          1.3027
Low:                           1.2941

Main trend:                Bullish  

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3108, September 7 low
Resistance 3:            13200 figure
 
Support 1:                  1.3000 figure
Support 2:                  1.2959 August 7 low
Support 3:                  1.2885 August 28 swing low
Support 3:                  1.2855-65 June 6 low – 200-day SMA
Support 4:                  1.2800 figure