FxWirePro: USD/CAD trades in a tight 1.2947/83 range, overall bias is bullish

• The CAD is amongst the worst performer in the G10 this week, with weakness continuing for a 3rd day after BoC cut interest rate
  
  
• Adding to the pressure was the U.S. dollar's trading near 1-1/2 month highs against a basket of major currencies
  
  
• "We're seeing ... some continued pessimistic sentiment toward the Canadian dollar," said Scott Smith, senior marketanalyst at Cambridge Global Payments in Calgary
  
  
• USD/CAD was rangebound today 1.2947/83, with strong resistance by March 2009 high of 1.3065 
  
  
• Overall bias is bullish, Tenkan line at 1.2809 is pointing north, highlighting the upside momentum
  
  
• Canadian June CPI due today should be a non-event, forecast is for a small rise to 1.0% from 0.9%. Core CPI is forecast to have stayed unchanged at 2.2%

Resistance Levels:

R3: 1.3066 (2009 High Mar 9)

R2: 1.3000 (Psychological Level)

R1: 1.2974 (2015 High Jul 17)

Support Levels:

S1: 1.2905 (Daily Low Jul 16)

S2: 1.2900 (Psychological Level)

S3: 1.2809  (Tenkan-Sen)