USD/CAD Technical Analysis: Technical recovery is gathering pace

Currently, the USD/CAD pair is trading at 1.2963 - up 0.61 percent compared to the previous day's low of 1.2884 - and could rise towards 1.30, courtesy of the rounding bottom pattern and an upside break of the trendline trending south from the Sept. 11 high and Sept. 17 high.
The major moving averages (MAs) are beginning to adopt a bullish bias. For instance, the 50-hour MA is about to cross the 100-hour MA from below. Further, the 200-hour MA is flatlined or has shed bearish bias.

Omkar Godbole FXStreet Contributor

Hourly Chart

Spot Rate: 1.2963

Daily HIgh: 1.2964

Daily Low: 1.2945

Trend: Intraday bullish

Resistance

R1: 1.2970 (10-day moving average)

R2: 1.30 (psychological level)

R3: 1.3020 (trendline falling from Sept. 6 highs)

Support

S1: 1.2929 (50-hour + 100-hour MAs)

S2: 1.29 (psychological level)

S3: 1.2884 (Sept. 20 low)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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