USD/CAD Technical Analysis: Greenback break to new monthly highs above 1.3100 against the Loonie

USD/CAD is trading in a bull trend as the 50-period simple moving average (SMA) broke above the 200 SMA.
USD/CAD broke above the former October highs as it is challenging the 1.3100 figure. The RSI, MACD and Stochastic indicators are constructive for potential gains ahead in the coming sessions.
The next targets for bulls are likely located near 1.3150 figure and 1.3200 figure. A bear breakout below 1.3048 (August 14 low) would likely be a warning sign for bulls.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.3100
Relative change: 0.12%
High: 1.3120
Low: 1.3027

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

Author

Flavio Tosti

Independent Analyst

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