USD/CAD Technical Analysis: Sudden drop near 1.3250 as crude oil spikes up

USD/CAD is finding some resistance a few pips above 1.3271, June 29 high.
Oil-correlated CAD is strengthening as crude oil is breaking out and is en route to $70.00 a barrel.
Bears want to drive USD/CAD back to 1.3200 while bulls want to breakout above 1.3271, June 29 high to target 1.3350 figure.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3245
Relative change: 0.57%
High: 1.3270
Low: 1.3157

Trend: Bullish

Resistance 1: 1.3271 June 29 high
Resistance 2: 1.3350 figure
Resistance 3: 1.3388, 2018 high
Resistance 4: 1.3543 June 9, 2017 swing high6

Support 1: 1.3200 figure
Support 2: 1.3155 June 18 low
Support 3: 1.3120 demand level
Support 4: 1.3066-1.3053 last week’s low and June 5, swing high
Support 5: 1.2974 May 9 high
Support 6: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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