USD/CAD Technical Analysis: Double top forming as the Greenback is losing steam near October highs - Ready for a pullback to 1.3000 figure

USD/CAD bear is losing steam near 1.3050 unable to break above the October high.
If bulls don’t retake control of the market the market is likely to form a double top with a potential move down towards 1.3000 in the coming session.
Alternatively, a strong breakout above 1.3050 would invalidate the bearish bias.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.3025
Relative change: 0.1%
High: 1.3056
Low: 1.3013

Main trend: Neutral

Resistance 1: 1.3048 August 14 low
Resistance 2: 1.3083 September 27 swing high
Resistance 3: 1.3108, September 7 low
Resistance 4: 1.3200 figure

Support 1: 1.3000 figure
Support 2: 1.2950-59 multi-month key level and August 7 low
Support 3: 1.2914 October 16 low
Support 4: 1.2882-1.2900 zone September 20 low and figure
Support 5: 1.2855-65 June 6 low - 200-day SMA
Support 6: 1.2800 figure
Support 7: 1.2727 May 11 low

Author

Flavio Tosti

Independent Analyst

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