USD/CAD Technical Analysis: Bear breakout below 1.3000 level ahead of FOMC

• USD/CAD is currently breaking out below the 1.3000 level as oil correlated-CAD is being boosted by a bullish spike in crude oil.
• USD/CAD bearish bias remains in place as long as the market doesn’t trade above the 1.3120-1.3155 zone. The scaling points to the downside are seen near 1.2974 May 9 high and 1.2900 figure.
• Later on in the day, the market is going to pay close attention to the FOMC statement at 18:00 GMT which can lead to high volatility. 

USD/CAD 15-minute chart

Spot rate:                   1.2980
Relative change:        -0.21% 
High:                          1.3034
Low:                           1.2974

Trend:                         Bearish

Resistance 1:            1.3000 figure
Resistance 2:            1.3022 last week low
Resistance 3:            1.3053-1.3066 area June 5 swing high and July 9 low
Resistance 4:            1.3100-1.3120 figure and supply/demand level
Resistance 5:            1.3155 June 18 low
Resistance 6:            1.3200 figure  
Resistance 7:            1.3271 June 29 high 
Resistance 8:            1.3350 figure
Resistance 9:            1.3388, 2018 high
Resistance 10:           1.3543 June 9, 2017 swing high

Support 1:                 1.2974 May 9 high
Support 2:                 1.2900 figure
Support 3:                 1.2855 June 6 low