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USD/CAD Technical Analysis: USD/CAD vulnerable to the downside

  • USD/CAD is trading below the 1.3066 resistance and the 50, 100 and 200-period simple moving averages suggesting bearish pressure.
  • USD/CAD is trading in a tight trading range for the third consecutive day, however  USD/CAD is likely to keeps a bearish bias as long as it is contained below the 1.3120-1.3155 former congestion zone.
  • A bear breakout below 1.3022, last week’s low, should lead to a continuation towards 1.2974, May 9 high and 1.2900 figure.

USD/CAD 15-minute chart  

Spot rate:                   1.3041
Relative change:        -0.1%  
High:                          1.3080
Low:                           1.3035

Trend:                         Bearish

Resistance 1:            1.3053-1.3066 area June 5 swing high and July 9 low
Resistance 2:            1.3100-1.3120 figure and supply/demand level
Resistance 3:            1.3155 June 18 low
Resistance 4:            1.3200 figure  
Resistance 5:            1.3271 June 29 high  
Resistance 6:            1.3350 figure
Resistance 7:            1.3388, 2018 high
Resistance 8:            1.3543 June 9, 2017 swing high

Support 1:                 1.3022 last week  low
Support 2:                 1.2974 May 9 high
Support 3:                 1.2900 figure

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