USD/CAD Technical Analysis: USD/CAD bulls keep market above 1.3155 support

USD/CAD has found support at 1.3155 support after the currency pair pulled back from its daily high.
USD/CAD bias is quite bullish, especially if the market stays above the 1.3120-1.3155 area. The momentum is not particularly strong but remains healthy as USD/CAD trades above its 200-period simple moving average.
USD/CAD bulls next objective is to breakout above the descending trendline and the 1.3200 resistance to then target 1.3271 June 29 high.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3167
Relative change: -0.31%
High: 1.3221
Low: 1.3148

Trend: Bullish

Resistance 1: 1.3200 figure
Resistance 2: 1.3271 June 29 high
Resistance 3: 1.3350 figure
Resistance 4: 1.3388, 2018 high
Resistance 5: 1.3543 June 9, 2017 swing high6

Support 1: 1.3155 June 18 low
Support 2: 1.3120 demand level
Support 3: 1.3066-1.3053 weekly low and June 5, swing high
Support 4: 1.2974 May 9 high
Support 5: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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