USD/CAD Technical Analysis: US Dollar losing about 80 pips ahead of FOMC

USD/CAD lost about 80 pips after attempting to break above last week’s high at 1.3069.
In the current trading range environment, the recent sell climax is likely to be consolidated in the coming hours.
However, investors need to be aware that the FOMC meeting rate decision is scheduled at 18:00 GMT and can bring high volatility to all USD-related currency pairs.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.2976
Relative change: -0.29%
High: 1.3048
Low: 1.2965

Trend: Neutral to bullish

Resistance 1: 1.3000 figure
Resistance 2: 1.3069 last week's high
Resistance 3: 1.3130 current high of 2018

Support 1: 1.2953 current Monday’s low, 5-period daily SMA
Support 2: 1.2919 Last Friday’s low
Support 3: 1.2857 June 6 low

Author

Flavio Tosti

Independent Analyst

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