Gfx Blog USD/CAD Rebounds from Major Support

USD/CAD has seen a substantial 3.65% slump since May 5th. The FOMC made a hawkish statement on Wednesday evening, June 15th, resulting in a sharp USD rebound. Thus, the USD/CAD downtrend was held above the short term major support level at 1.3200, after hitting a 3-and-a-half-month low of 1.3164, There is stronger support at the level at 1.3200, we will likely see an ongoing rebound as a correction post a slump. On the 4-hourly chart, the price has been moving from the lower band to the middle band by the Bollinger Band indicator, suggesting increased bullish momentum. The daily Stochastic Oscillator reading is below 20, suggesting a rebound. The resistance level is at 1.3300, followed by 1.3350. The support line is at 1.3250, followed by 1.3200. The US initial jobless claims (the week ending June 9th) will be released at 13:30 BST this afternoon. Be aware that it will likely affect USD and USD/CAD.