USD/CAD Technical Analysis: USD/CAD holding above 1.2900 can offer short-term opportunity to 1.3000 figure

USD/CAD main bull trend is on hold since late June.
USD/CAD is finding support at the 1.2900 figure creating a double bottom with the late August lows. The RSI and Stochatsics are leaving the oversold territories while the MACD is gaining some traction suggesting that there might be room to the upside for a correction up to 1.3000 figure.
A bear breakout below 1.2900 would invalidate the short-term bullish pullback opportunity.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.2922
Relative change: 0.15%
High: 1.2943
Low: 1.2885

Trend: Bullish to Neutral

Resistance 1: 1.2959 August 7 low
Resistance 2: 1.3000 figure
Resistance 3: 1.3048 August 14 low
Resistance 4: 1.3108, September 7 low

Support 1: 1.2885 August 28 swing low
Support 2: 1.2855-65 June 6 low - 200-day SMA
Support 3: 1.2800 figure

Author

Flavio Tosti

Independent Analyst

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