USD/CAD Technical Analysis: More upside on the cards above the 1.2900 handle

• USD/CAD found some decent support at the 1.2900 handle and the 50% Fibonacci retracement level from last Thursday low to Friday’s high.
• If the bulls manage to defend the 1.2900 level they may target the 1.3048 level which is last week’s high. 
• However, a break below 1.2900 can see a move back down towards 1.2816, last Thursday’s low.
• Immediate resistance is seen in the 1.2930-1.2950 region with the 50, 100 and 200-period simple moving averages on the 1-hour time frame.

15-minute chart 

Spot rate:                   1.2935
Relative change:      -0.12%     
High:                           1.2966
Low:                            1.2899

Trend:                          Bullish

Support 1:                  1.2900 psychological figure
Support 2:                  1.2816 last Thursday’s low
Support 2:                  1.2727 swing low (May 11)

Resistance 1:            1.2930-1.2950 area, moving average cluster (50, 100, 200 SMA - 1-hour)
Resistance 2:            1.3000 handle
Resistance 3:            1.3048 last week’s high
Resistance 4:            1.3124 March 19 high and 11-month high