USD/CAD Technical Analysis: Greenback might be overbought against CAD

  • USD/CAD broke above the 200-period simple moving average on the 4-hour chart switching the main bias to bullish. 
  • However, USD/CAD is now stalling below 1.3083 (September 27 swing high) as the RSI and the Stochastic are in overbought condition, suggesting that failure to break above 1.3083 can lead to a pullback down towards 1.3000 figure.
  • A breakout above 1.3083 would see the bull trend extending towards 1.3200 figure

USD/CAD 4-hour chart

Spot rate:                   1.3065
Relative change:        0% 
High:                          1.3068
Low:                           1.3024

Main trend:                Bullish 

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

Support 1:                 1.3048 August 14 low
Support 2:                 1.3000 figure
Support 3:                 1.2950-59 multi-month key level and August 7 low
Support 4:                 1.2882-1.2900 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

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