USD/CAD Technical Analysis: Technical recovery is gathering pace

• Currently, the USD/CAD pair is trading at 1.2963 - up 0.61 percent compared to the previous day's low of 1.2884 - and could rise towards 1.30, courtesy of the rounding bottom pattern and an upside break of the trendline trending south from the Sept. 11 high and Sept. 17 high.
• The major moving averages (MAs) are beginning to adopt a bullish bias. For instance, the 50-hour MA is about to cross the 100-hour MA from below. Further, the 200-hour MA is flatlined or has shed bearish bias.

Hourly Chart

Spot Rate: 1.2963

Daily HIgh: 1.2964

Daily Low: 1.2945

Trend: Intraday bullish

Resistance

R1: 1.2970 (10-day moving average)

R2: 1.30 (psychological level)

R3: 1.3020 (trendline falling from Sept. 6 highs)

Support

S1: 1.2929 (50-hour + 100-hour MAs)

S2: 1.29 (psychological level)

S3: 1.2884 (Sept. 20 low)