USD/CAD Technical Analysis: Bulls might be in trouble

• USD/CAD is starting the week on the back foot as the currency pair is correcting below the 1.3120-1.3155 key supply/demand level. 
• Bulls would need to quickly trade above the 1.3155 level if they don’t want to see the market make a rotation lower towards 1.3053-1.3066 area.
• USD/CAD is also having a hard time to break above the bearish trendline on the daily chart suggesting short-term bearish momentum.

USD/CAD 15-minute chart

USD/CAD daily chart

Spot rate:                   1.3111
Relative change:        -0.24% 
High:                          1.3172
Low:                           1.3107

Trend:                        Bullish 

Resistance 1:            1.3120-1.3155 supply/demand level and June 18 low
Resistance 2:            1.3200 figure  
Resistance 3:            1.3271 June 29 high 
Resistance 4:            1.3350 figure
Resistance 5:            1.3388, 2018 high
Resistance 6:            1.3543 June 9, 2017 swing high

Support 1:                 1.3100 figure 
Support 2:                 1.3053-1.3066 area, June 5 swing high and July 9 low
Support 3:                 1.3022 July 25 low
Support 4:                 1.3000 figure
Support 5:                 1.2974 August 1 swing low
Support 6:                 1.2900 figure
Support 7:                 1.2855 June 6 low