USD/CAD Technical Analysis: Bulls find support in the 1.2860 region in ranging market

• USD/CAD found some support in the 1.2860 area after losing about 200 pips in the last 24 hours.
• As the market is in trading range mode, it is reasonable to expect the current daily low at 1.2857 to hold. Bulls might target the 1.2940 Asian range and the 1.3000 handle. 
• If the 1.2857 level fails bears can drive the market to the 1.2816 May 31 low. 

USD/CAD 15-minute chart

Spot rate:                   1.2912
Relative change:       -0.47%     
High:                          1.2976
Low:                           1.2857

Trend:                         Bullish

Support 1:                 1.2857 current Wednesday’s low
Support 2:                 1.2816 May 31 low
Support 3:                 1.2727 swing low (May 11)

Resistance 1:            1.2940 Asian range, 100 and 200-period SMA (15-minute)
Resistance 2:            1.3000 handle
Resistance 3:            1.3069 current’s week high