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  • USD/CAD main bull trend is currently on hold.  
  • USD/CAD is consolidating the recent leg down near the 1.3000 figure and the 61.8% Fibonacci retracement level from the late August-early September bull run.  
  • The RSI is in oversold territories, the MACD is slowly gaining some traction while the Stochastics indicator is deeply oversold. A bull breakout above 1.3048 (August 14 low) would further confirm that bulls have indeed bottomed out.  Targets to the upside can be located near 1.3108 (September 7 low) and 1.3155 (June 18 low).  

USD/CAD 4-hour chart  

Spot rate:                   1.3000
Relative change:        0.06%  
High:                          1.3027
Low:                           1.2973

Trend:                        Bullish  

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3108, September 7 low  
Resistance 3:            1.3155 June 18 low
Resistance 4:            1.3172 August 13 swing high  
Resistance 5:            1.3200 figure  
Resistance 6:            1.3300 figure
Resistance 7:            1.3388, 2018 high

Support 1:            1.3000 figure
Support 2:            1.2959 August 7 swing low
Support 3:            1.2855 June 6 low

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5

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