Home USD/CAD Technical Analysis: USD bulls might be out of breath – USD/CAD sub-1.3200
FXStreet News

USD/CAD Technical Analysis: USD bulls might be out of breath – USD/CAD sub-1.3200

  • USD/CAD is back near  the notorious 1.3120-1.3155 range of the past weeks.  
  • USD/CAD had a strong 140-pips drop last Friday and the currency pair is trading below its 200-period simple moving average.
  • If the slowdown in the bullish momentum sees a bear breakout below 1.3120 it can lead to an acceleration towards 1.3066-1.3053.  As long as USD/CAD stays below 1.3155-1.3200 and the 200-period SMA, the risk of a bearish reversal persists.  

USD/CAD 15-minute chart

Spot rate:                   1.3157
Relative change:        0.07%  
High:                          1.3163
Low:                           1.3114

Trend:                         Bullish / Risk of bearish reversal

Resistance 1:            1.3155 June 18 low
Resistance 2:            1.3200 figure  
Resistance 3:            1.3271 June 29 high  
Resistance 4:            1.3350 figure
Resistance 5:            1.3388, 2018 high
Resistance 6:            1.3543 June 9, 2017 swing high

Support 1:                 1.3120 demand level
Support 2:                 1.3066-1.3053 July 9low and June 5 swing high
Support 3:                 1.2974 May 9 high
Support 4:                 1.2900 figure

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.