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26 Jul 2018
USD/CAD Technical Analysis: Consolidating recent drop below 1.3100 figure
- USD/CAD is currently having a pullback up after the drop seen on Wednesday. The market found resistance a few pips before the 1.3100 level.
- As it stands the bearish picture on USD/CAD remains in place with the currency pair trading below its 200-period simple moving average and below the 1.3100 psychological figure.
- USD/CAD next scaling points the downside are seen near 1.3053-1.3066 area and 1.2974, May 9 high. On the flip side, the 1.3100 and 1.3120 should act as a solid ceiling, a strong breakout above the 1.3120-13155 former range (yellow lines) would be seen as quite negative for bears.
USD/CAD 15-minute chart
Spot rate: 1.3066
Relative change: 0.15%
High: 1.3094
Low: 1.3023
Trend: Bearish
Resistance 1: 1.3100-1.3120 figure and supply/demand level
Resistance 2: 1.3155 June 18 low
Resistance 3: 1.3200 figure
Resistance 4: 1.3271 June 29 high
Resistance 5: 1.3350 figure
Resistance 6: 1.3388, 2018 high
Resistance 7: 1.3543 June 9, 2017 swing high
Support 1: 1.3053-1.3066 area June 5 swing high and July 9 low
Support 2: 1.2974 May 9 high
Support 3: 1.2900 figure