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

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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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