USD/CAD Technical Analysis: Inevitable drop to 1.2960 level

USD/CAD main bull trend is taking a breather as USD/CAD is trading at its lowest in six days.
USD/CAD broke below the ascending bull trendline leaving the door open to a drop to 1.2959 August 7 swing low.
A sustained bull breakout above 1.3120-1.3155 area would negate the short-term bearish bias.

Flavio Tosti Independent Analyst

USD/CAD daily chart

Spot rate: 1.3017
Relative change: -0.23%
High: 1.3050
Low: 1.3012

Trend: Bullish
Short-term Trend: Bearish below 1.3120-1.3155 area.

Resistance 1: 1.3048-1.3066 area, August 14 low and July 9 low
Resistance 2: 1.3100 figure
Resistance 3: 1.3120-1.3155 area, supply/demand level and June 18 low

Support 1: 1.3022 July 25 low
Support 2: 1.3000 figure
Support 3: 1.2959 August 7 swing low

Author

Flavio Tosti

Independent Analyst

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