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  • USD/CAD bulls are at work in the main bull trend.
  • USD/CAD reached and exceeded the 1.3048 resistance (August 14 low) and is currently pulling back down after the recent gains. The RSI and Stochastics indicators are decelerating while the market is having trouble to rise above the 100 and 200-period simple moving averages.  
  • USD/CAD is seen consolidating gains below 1.3048 before the next directional move. The pullback can reach 1.3000 and  1.2959 (August 7 low) if bears gather steam.  

USD/CAD 4-hour chart

Spot rate:                   1.3023
Relative change:        0.03%  
High:                          1.3083
Low:                           1.3010

Main trend:                Bullish  

Resistance 1:            1.3048 August 14 low
Resistance 2:            1.3108, September 7 low
Resistance 3:            13200 figure
 
Support 1:                 1.3000 figure
Support 2:                 1.2959 August 7 low
Support 3:                 1.2885 August 28 swing low
Support 3:                 1.2855-65 June 6 low – 200-day SMA
Support 4:                 1.2800 figure