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  • USD/CAD main bull trend has switched to neutral as the market broke below the 200-day simple moving average (SMA).  
  • The 1.2800 figure has been holding since Monday while USD/CAD is trading far away from its simple moving averages, suggesting a potential return to the mean. The RSI and Stochastics indicators have left the oversold condition while the MACD is slowly turning bullish. All-in-all a potential rebound to 1.2882-1.2900 (September 20 low and figure) can be on the cards for bulls.
  • A bear breakout below 1.2800 would invalidate the short-term bullish bias.    

USD/CAD 4-hour chart

Spot rate:                   1.2826
Relative change:         -0.01%  
High:                          1.2843
Low:                           1.2796

Main trend:                Bullish to neutral

Resistance 1:            1.2855-65 June 6 low – 200-day SMA
Resistance 2:            1.2882 September 20 low
Resistance 3:            1.2959 August 7 low
Resistance 4:            1.3000 figure
Resistance 5:            1.3048 August 14 low
Resistance 6:            1.3108, September 7 low
Resistance 7:            13200 figure
 
Support 1:                 1.2800 figure
Support 2:                 1.2727 May 11 low
Support 3:                 1.2600 figure