USD/CAD Technical Analysis: More down before up

  • USD/CAD main bull trend is taking a breather as the market is having a hard time to break above 1.3200 figure. 
  • USD/CAD is losing bullish momentum as the RSI, MACD and Stochastics indicator are flashing bearish signals. 
  • The short-term bear target can be located near 1.3048 (August 14 low) near the 100 and 200-period simple moving averages and the bear trendline (blue). 

USD/CAD 4-hour chart

Spot rate:                   1.3138
Relative change:        -0.21% 
High:                          1.3176
Low:                           1.3129

Trend:                        Bullish 
Short-term:                Bearish below 1.3200

Resistance 1:            1.3155 June 18 low
Resistance 2:            1.3172 August 13 swing high 
Resistance 3:            1.3200 figure 
Resistance 4:            1.3300 figure
Resistance 5:            1.3388, 2018 high

Support 1:            1.3108, September 7 low 
Support 2:            1.3048 August 14 low
Support 3:            1.3000 figure

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