- 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