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USD/CAD Technical Analysis: 1.3200 mission accomplished - Bull flag can send USD/CAD to 1.3300 figure next

  • USD/CAD bulls are resuming the main bull trend as they broke from a bull flag formation. 
  • Bulls have reached the 1.3200 figure target almost in a straight line and while pullbacks can happen the market is strong and the next target at 1.3300 might be hit in the coming sessions. 
  • A bear breakout below 1.3050 would invalidate the bullish bias. 

USD/CAD 4-hour chart

Spot rate:                   1.3196
Relative change:        0.78% 
High:                          1.3209
Low:                           1.3087

Trend:                         Bullish 

Resistance 1:            1.3200 figure 
Resistance 2:            1.3300 figure
Resistance 3:            1.3388, 2018 high


Support 1:            1.3172 August 13 swing high 
Support 2:            1.3120-1.3155 zone, supply/demand level and June 18 low
Support 3:            1.3048-1.3066 area, August 14 low and July 9 low

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