USD/CAD Technical Analysis: Setting up for a retest of 1.3160 level ahead of FOMC

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  • USD/CAD is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart ahead of the FOMC this Thursday at 19.00 GMT. 
  • USD/CAD has found some support at the 1.3100 figure and the 100 SMA as the currency pair has been trading sideways in November. Bulls objective is to reach 1.3161 October 26 high. 
  • It will be interesting to see if bulls can extend the move beyond that point as the October wedge should cap any meaningful advances.  

USD/CAD-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:

USD/CAD

Overview:
    Last Price: 1.3118
    Daily change: 5.0 pips
    Daily change: 0.0381%
    Daily Open: 1.3113
Trends:
    Daily SMA20: 1.3078
    Daily SMA50: 1.3027
    Daily SMA100: 1.3074
    Daily SMA200: 1.2938
Levels:
    Daily High: 1.316
    Daily Low: 1.3056
    Weekly High: 1.3172
    Weekly Low: 1.3048
    Monthly High: 1.3172
    Monthly Low: 1.2783
    Daily Fibonacci 38.2%: 1.3096
    Daily Fibonacci 61.8%: 1.312
    Daily Pivot Point S1: 1.306
    Daily Pivot Point S2: 1.3006
    Daily Pivot Point S3: 1.2956
    Daily Pivot Point R1: 1.3163
    Daily Pivot Point R2: 1.3213
    Daily Pivot Point R3: 1.3266

 

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