USD/CAD Technical Analysis: Bear Channel Targets A Break Below 1.3000 Figure

Aug 27, 2018 at 10:32 AM EDT

USD/CAD is trading below its main simple moving averages and below 1.3020. Bears are at work trying to form a bear channel.

USD/CAD bull trend is on hold since June 27 as the pair is in pullback mode.
USD/CAD is trading below its main simple moving averages and below 1.3020. Bears are at work trying to form a bear channel. Bear targets are 1.3000 and 1.2959 August 7 swing low.
A bull breakout above 1.3070 would invalidate the short-term bearish bias.

USD/CAD 15-minute chart

(Click on image to enlarge)

Spot rate: 1.3010
Relative change: -0.07%
High: 1.3069
Low: 1.3006

Trend: Bullish
Short-term trend: Bearish below 1.3070

Resistance 1: 1.3022 July 25 low
Resistance 2: 1.3048-1.3066 area, August 14 low and July 9 low
Resistance 3: 1.3100 figure
Resistance 4: 1.3120-1.3155 zone, supply/demand level and June 18 low
Resistance 5: 1.3172 August 13 swing high

Support 1: 1.3000 figure
Support 2: 1.2959 August 7 swing low
Support 3: 1.2900 figure

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