USD/CAD Technical Analysis: Rising wedge breakdown seen in 15-min chart

• The rising wedge breakdown, a bearish pattern,  seen in the USD/CAD 15-minute chart has opened the doors to a sell-off towards 1.3025 (target as per the measured height method).
• On the way lower, the pair may encounter support at 1.3092 - trendline sloping downwards from the June 27 low and July 20 low.
• The bullish outlook put forward by the falling channel breakout would be aborted if the currency pair closes below 1.301 (back inside the falling channel.

15-minute chart

Spot Rate: 1.3117

Daily High: 1.3166

Daily Low: 1.3113

Trend: Bearish

Resistance

R1: 1.3143 (ascending 5-day moving average)

R2: 1.3175 (Aug. 15 high)

R3: 1.32 (psychological hurdle)

Support

S1: 1.3088 (50-day moving average)

S2: 1.3057 (50% Fib R of 1.2887/1.3226)

S3: 1.3017 (61.8% Fib R of 1.2887/1.3226)