USD/CAD Technical Analysis: Bullish above 1.3048 support

• USD/CAD bulls are eager to resume the main bull trend after the drop seen on Tuesday.
• USD/CAD has found support at the 1.3048 level (August 14 low), the 200-period simple moving average (SMA) and the bear trendline from June 27. USD/CAD is seen consolidating up towards 1.3108 (September 7 low) and possibly to 1.3155 (June 18 low).
• However, a bear breakout below 1.3048 would invalidate the short-term bullish momentum. 

USD/CAD 4-hour chart

Spot rate:                   1.3069
Relative change:        -0.02% 
High:                          1.3080
Low:                           1.3041

Trend:                        Bullish 

Resistance 1:            1.3108, September 7 low 
Resistance 2:            1.3155 June 18 low
Resistance 3:            1.3172 August 13 swing high 
Resistance 4:            1.3200 figure 
Resistance 5:            1.3300 figure
Resistance 6:            1.3388, 2018 high

Support 1:            1.3048 August 14 low
Support 2:            1.3000 figure
Support 3:            1.2959 August 7 swing low