Home USD/CAD Technical Analysis: Ranging below 1.3100  post US-GDP
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USD/CAD Technical Analysis: Ranging below 1.3100  post US-GDP

  • USD/CAD is stuck in a tight 35-pip trading range this Friday.  USD/CAD is keeping a bearish bias as long as it stays contained below the 1.3120-1.3150 zone.  
  • Bearish targets to the downside are located near 1.3053-1.3066 area and 1.2974 May 9 high.  
  • Earlier, the Gross Domestic Product Annualized (GDP) for the second quarter came in line with expectations at 4.1% while the Core Personal Consumption Expenditures for the second quarter came slightly below expectations at 2% versus 2.2% forecast. However, the data had no influence on USD/CAD.  

USD/CAD 15-minute chart  

Spot rate:                   1.3061
Relative change:         -0.09%  
High:                          1.3081
Low:                           1.3041

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

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