USD/CAD Technical Analysis: USD bulls bring the pair back close to the 1.3000 handle

• USD bulls virtually erased all the losses made on Wednesday after the Bank of Canada's hawkish comments.
• The bullish tone prevails as USD/CAD trades above its 50, 100 and 200-period simple moving averages on the daily time-frame.
• Bulls next targets are the 1.3000 handle and the 1.3124 level, March 19 high.
• The 1.3000-1.3124 resistance area is strong as the market failed to successfully breakout above the level for the last 10 months.

USD/CAD 15-minute chart

Spot rate:                   1.2972
Relative change:       0.76%     
High:                           1.2980
Low:                            1.2816

Trend:                          Bullish

Support 1:                  1.2900 psychological figure
Support 2:                  1.2816 current Thursday’s low
Support 2:                  1.2740 swing low (May 22)

Resistance 2:            1.2990-1.3000, last week’s high and handle
Resistance 3:            1.3048 current week’s high
Resistance 3:            1.3124 March 19 high and 11-month high