USD/CAD Technical Analysis: Make or break near 1.3100 figure ahead of Bank of Canada rate decision on Wednesday
|- USD/CAD is trading in a bull trend above the 200-period simple moving average on the 4-hour chart.
- USD/CAD is trading in a tight 50-pip range just below the 1.3100 figure as investors are positioning themselves ahead of the Bank of Canada rate decision on Wednesday.
- USD/CAD remains bullish but will need a break above 1.3100 figure or else the market is likely to collapse towards the 1.3000 level.
Spot rate: 1.3100
Relative change: 0%
High: 1.3122
Low: 1.3082
Main trend: Bullish
Resistance 1: 1.3108, September 7 low
Resistance 2: 1.3150 figure
Resistance 3: 1.3200 figure
Support 1: 1.3083 September 27 swing high
Support 2: 1.3048 August 14 low
Support 3: 1.3000 figure
Support 4: 1.2950-59 multi-month key level and August 7 low
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