USD/CAD Technical Analysis: The 1.3100 resistance might be a tough cookie for bulls to break above

USD/CAD bulls are trying hard to keep the bull trend going as they are attempting to break above the 50 and 100-day simple moving average on the daily time-frame.
Earlier this week, USD/CAD tried to break above 1.3100 figure. The market is now consolidating above the 1.3000 figure and the 200-period simple moving average on the 4-hour chart. However, the MACD is turning bearish and the Stochastic oscillator is sloping down but still above the 50 line, all suggesting there is still some potential remaining bullish activity which might be short-lived. Additionally, a 5-wave Elliot Wave pattern might add weight to the corrective (down) scenario.
In the absence of a break above 1.3100 on a closing basis, USD/CAD might be set for sideways to down movements potentially breaking below 1.3000 figure in the coming sessions.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.3032
Relative change: 0%
High: 1.3042
Low: 1.2999

Main trend: Bullish

Resistance 1: 1.3048 August 14 low
Resistance 2: 1.3083 September 27 swing high
Resistance 3: 1.3108, September 7 low
Resistance 4: 1.3200 figure

Support 1: 1.3000 figure
Support 2: 1.2950-59 multi-month key level and August 7 low
Support 3: 1.2882-1.2900 September 20 low and figure
Support 4: 1.2855-65 June 6 low - 200-day SMA
Support 5: 1.2800 figure
Support 6: 1.2727 May 11 low

Author

Flavio Tosti

Independent Analyst

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