USD/CAD Technical Analysis: USD bulls might be out of breath - USD/CAD sub-1.3200

USD/CAD is back near the notorious 1.3120-1.3155 range of the past weeks.
USD/CAD had a strong 140-pip drop last Friday and the currency pair is trading below its 200-period simple moving average.
If the slowdown in the bullish momentum sees a bear breakout below 1.3120 it can lead to an acceleration towards 1.3066-1.3053. As long as USD/CAD stays below 1.3155-1.3200 and the 200-period SMA, the risk of a bearish reversal persists.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3157
Relative change: 0.07%
High: 1.3163
Low: 1.3114

Trend: Bullish / Risk of bearish reversal

Resistance 1: 1.3155 June 18 low
Resistance 2: 1.3200 figure
Resistance 3: 1.3271 June 29 high
Resistance 4: 1.3350 figure
Resistance 5: 1.3388, 2018 high
Resistance 6: 1.3543 June 9, 2017 swing high

Support 1: 1.3120 demand level
Support 2: 1.3066-1.3053 July 9low and June 5 swing high
Support 3: 1.2974 May 9 high
Support 4: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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