USD/CAD Technical Analysis: USD bulls might be out of breath

  • USD/CAD is back near the notorious 1.3120-1.3155 range of the past weeks. 
  • USD/CAD had a strong 140-pip drop last Friday and the currency pair is trading below its 200-period simple moving average.
  • If the slowdown in the bullish momentum sees a bear breakout below 1.3120 it can lead to an acceleration towards 1.3066-1.3053. As long as USD/CAD stays below 1.3155-1.3200 and the 200-period SMA, the risk of a bearish reversal persists. 

USD/CAD 15-minute chart

Spot rate:                   1.3157
Relative change:        0.07% 
High:                          1.3163
Low:                           1.3114

Trend:                         Bullish / Risk of bearish reversal

Resistance 1:            1.3155 June 18 low
Resistance 2:            1.3200 figure  
Resistance 3:            1.3271 June 29 high 
Resistance 4:            1.3350 figure
Resistance 5:            1.3388, 2018 high
Resistance 6:            1.3543 June 9, 2017 swing high

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