USD/CAD Technical Analysis: US Dollar losing about 80 pips ahead of FOMC

  • USD/CAD lost about 80 pips after attempting to break above last week’s high at 1.3069. 
  • In the current trading range environment, the recent sell climax is likely to be consolidated in the coming hours. 
  • However, investors need to be aware that the FOMC meeting rate decision is scheduled at 18:00 GMT and can bring high volatility to all USD-related currency pairs. 

USD/CAD 15-minute chart

Spot rate:                   1.2976
Relative change:        -0.29%     
High:                          1.3048
Low:                           1.2965

Trend:                         Neutral to bullish

Resistance 1:            1.3000 figure
Resistance 2:            1.3069 last week's high
Resistance 3:            1.3130 current high of 2018 

Support 1:                 1.2953 current Monday’s low, 5-period daily SMA
Support 2:                 1.2919 Last Friday’s low
Support 3:                 1.2857 June 6 low