USD/CAD bullish momentum is fading following recent rise at 1.3125, breaking hourly resistance at 1.3117 (28/06/2017 low) and expected to head along the 1.31 range. Hourly support and resistance are now given at 1.2805 (12/03/2018 low) and 1.3308 (23/06/2017 high). The short-term technical structure suggests further short-term decrease.
In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pairs is trading above its 200 DMA.
