USD/CAD Technical Analysis: USD/CAD vulnerable to the downside

USD/CAD is trading below the 1.3066 resistance and the 50, 100 and 200-period simple moving averages suggesting bearish pressure.
USD/CAD is trading in a tight trading range for the third consecutive day, however USD/CAD is likely to keeps a bearish bias as long as it is contained below the 1.3120-1.3155 former congestion zone.
A bear breakout below 1.3022, last week’s low, should lead to a continuation towards 1.2974, May 9 high and 1.2900 figure.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3041
Relative change: -0.1%
High: 1.3080
Low: 1.3035

Trend: Bearish

Resistance 1: 1.3053-1.3066 area June 5 swing high and July 9 low
Resistance 2: 1.3100-1.3120 figure and supply/demand level
Resistance 3: 1.3155 June 18 low
Resistance 4: 1.3200 figure
Resistance 5: 1.3271 June 29 high
Resistance 6: 1.3350 figure
Resistance 7: 1.3388, 2018 high
Resistance 8: 1.3543 June 9, 2017 swing high

Support 1: 1.3022 last week low
Support 2: 1.2974 May 9 high
Support 3: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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