USD/CAD Technical Analysis: Sudden drop near 1.3250 as crude oil spikes up

• USD/CAD is finding some resistance a few pips above 1.3271, June 29 high.
• Oil-correlated CAD is strengthening as crude oil is breaking out and is en route to $70.00 a barrel.
• Bears want to drive USD/CAD back to 1.3200 while bulls want to breakout above 1.3271, June 29 high to target 1.3350 figure.

USD/CAD 15-minute chart

Spot rate:                   1.3245
Relative change:        0.57%  
High:                          1.3270
Low:                           1.3157

Trend:                         Bullish
 
Resistance 1:            1.3271 June 29 high
Resistance 2:            1.3350 figure
Resistance 3:            1.3388, 2018 high
Resistance 4:            1.3543 June 9, 2017 swing high6

Support 1:                 1.3200 figure  
Support 2:                 1.3155 June 18 low    
Support 3:                 1.3120 demand level
Support 4:                 1.3066-1.3053 last week’s low and June 5, swing high
Support 5:                 1.2974 May 9 high
Support 6:                 1.2900 figure