USD/CAD Price Analysis: Sits near 2-week tops, around 1.3300 mark
|- USD/CAD regains positive traction on Wednesday and climbs to fresh two-week tops.
- The set-up seems tilted in favour of bulls and support prospects for additional gains.
- A sustained move beyond 1.3300 mark needed to confirm the near-term bullish outlook.
The USD/CAD pair edged higher during the early European session on Wednesday and climbed to fresh two-week tops. The pair, however, continued with its struggle to build on the momentum further beyond the 1.3300 round-figure mark.
Given the recent bounce from the vicinity of the very important 200-day SMA, the near-term set-up remains in favour of bullish traders. Hence, a move towards challenging monthly tops, around the 1.3330 region, looks a distinct possibility.
Meanwhile, technical indicators on hourly/daily charts have managed to hold in the positive territory and reinforce the near-term constructive outlook, supporting prospects for a further appreciating move amid a fresh leg down in oil prices.
On the flip side, any meaningful pullback might continue to attract some dip-buying near the 1.3260-55 horizontal resistance break-point, now turned support, which should help limit deeper losses, at least for the time being.
USD/CAD daily chart
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