USD/CAD Technical Analysis: USD/CAD revisiting weekly lows near the 1.3270 level

USD/CAD is back to the bottom of the current range just above the 1.3267 level, the current week’s low, after USD/CAD tried to break to the upside on Wednesday.
USD/CAD is in trading range mode between 1.3267 and 1.3388, 2018 high. The main trend is bullish, however, the prolonged trading range is slowly eroding the directional probability of the next significant move.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3280

Relative change: -0.44%

High: 1.3353
Low: 1.3272

Trend: Bullish above 1.3250

Resistance 1: 1.3350 figure
Resistance 2: 1.3388, 2018 high
Resistance 3: 1.3543 June 9, 2017 swing high
Resistance 4: 1.3600 figure

Support 1: 1.3267-1.3250 current week’s low and figure
Support 2: 1.3200 figure
Support 3: 1.3155 former supply/demand level

Author

Flavio Tosti

Independent Analyst

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