USD/CAD Technical Analysis: Greenback bulls break above 1.3000 figure post-FOMC minutes

USD/CAD broke above 1.3000 figure and the 200-period simple moving average (SMA) after the release of the FOMC minutes.
USD/CAD bulls next objective is to reach 1.3048 (August 14 low). The RSI, MACD and Stochastic indicators suggest bullish momentum continuation.
A break of 1.3048 can open the doors to 1.3100 figure which might act as strong resistance.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.3015
Relative change: 0.64%
High: 1.3023
Low: 1.2932

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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