USD/CAD Technical Analysis: Weakening near 1.3000 figure - Bears can send USD/CAD down to 1.2885 swing low

USD/CAD main bull trend is currently on hold.
USD/CAD found resistance below the flat 100 and 200-period simple moving averages (SMA) while the 50 SMA is pointing down.
USD/CAD is now retesting the 1.3000 figure and as the currency pair is weakening bears can take the lead and drive prices down towards 1.2855 June 6 low.

Flavio Tosti Independent Analyst

USD/CAD 4-hour chart

Spot rate: 1.3011
Relative change: -0.19%
High: 1.3050
Low: 1.3005

Trend: Bullish
Short-term trend: Bearish

Resistance 1: 1.3048 August 14 low
Resistance 2: 1.3108, September 7 low
Resistance 3: 1.3155 June 18 low
Resistance 4: 1.3172 August 13 swing high
Resistance 5: 1.3200 figure
Resistance 6: 1.3300 figure
Resistance 7: 1.3388, 2018 high

Support 1: 1.3000 figure
Support 2: 1.2959 August 7 low
Support 3: 1.2885 August 28 swing low
Support 4: 1.2855 June 6 low

Author

Flavio Tosti

Independent Analyst

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