USD/CAD Technical Analysis: Loonie break to 9-week high, bulls defending the 1.3000 handle

USD/CAD bulls are trying to defend the 1.3000 handle. Their next objective is to break above 1.3023 Monday’s high while bears want to drive the market back towards the 1.2900 handle.
USD/CAD closed above its 100-period simple moving average on the weekly time frame suggesting bullish momentum.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.2997

Relative change: 0.16%

High: 1.3023

Low: 1.2960

Trend: Bullish

Support 1: 1.2990, last week’s high

Support 2: 1.2917 swing high (May 24)

Support 3: 1.2740 swing low (May 22)

Resistance 1: 1.3023 Monday’s high

Resistance 2: 1.3100-1.3120 area, handle and March 19,

Resistance 3: 1.3360 supply level, swing low May 25, 2017

Author

Flavio Tosti

Independent Analyst

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