USD/CAD Technical Analysis: Capped below 1.2900 can drop towards 1.2800 figure

USD/CAD is finding resistance just below the 1.2900 figure multi-week resistance.
USD/CAD is trading below its 50, 100 and 200-period simple moving averages suggesting a bearish bias. However, the RSI, MACD and Stochastics indicators keep a bullish momentum for the time being.
If capped below 1.2900 figure USD/CAD has room to potentially drop to 1.2800 figure.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

USD/CAD

Overview:
    Last Price: 1.2876
    Daily change: 6.0 pips
    Daily change: 0.0466%
    Daily Open: 1.287
Trends:
    Daily SMA20: 1.2988
    Daily SMA50: 1.3022
    Daily SMA100: 1.3051
    Daily SMA200: 1.2867
Levels:
    Daily High: 1.2886
    Daily Low: 1.2806
    Weekly High: 1.3083
    Weekly Low: 1.2904
    Monthly High: 1.3228
    Monthly Low: 1.2882
    Daily Fibonacci 38.2%: 1.2855
    Daily Fibonacci 61.8%: 1.2836
    Daily Pivot Point S1: 1.2822
    Daily Pivot Point S2: 1.2774
    Daily Pivot Point S3: 1.2742
    Daily Pivot Point R1: 1.2902
    Daily Pivot Point R2: 1.2934
    Daily Pivot Point R3: 1.2982

Main trend: Neutral to bearish

Resistances and Supports:

Resistance 1: 1.2882-1.2900 September 20 low and figure
Resistance 2: 1.2959 August 7 low
Resistance 3: 1.3000 figure
Resistance 4: 1.3048 August 14 low
Resistance 5: 1.3108, September 7 low
Resistance 6: 13200 figure

Support 1: 1.2855-65 June 6 low - 200-day SMA
Support 2: 1.2800 figure
Support 3: 1.2727 May 11 low
Support 4: 1.2600 figure

Author

Flavio Tosti

Independent Analyst

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