USD/CAD Technical Analysis: Big bears offering Friday surprise as the market is reversing down sharply to 1.3050 level


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  • USD/CAD is trading in a bull trend above the 200-period simple moving average. 
  • USD/CAD found strong resistance at the 1.3150 resistance as the market is reversing sharply. 
  • Bears are likely to drive the market at least to 1.3053 October 15 high and to 1.3000 if the bears gather enough traction.

USD/CAD 4-hour chart

Spot rate:                   1.3078
Relative change:         0.05% 
High:                          1.3160
Low:                           1.3069

Main trend:                Neutral

Resistance 1:            1.3083 September 27 swing high
Resistance 2:            1.3108, September 7 low
Resistance 3:            1.3150 figure

Support 1:                 1.3053 October 15 high
Support 2:                 1.3000 figure
Support 3:                 1.2950-59 multi-month key level and August 7 low

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