USD/CAD technical analysis: Bulls await a sustained move beyond 200-DMA
|- The USD/CAD pair climbed to over one-month tops, around the 1.3270 region.
- Technical set-up support prospects for a further near-term appreciating move.
The USD/CAD pair gained some follow-through traction for the fifth consecutive session on Thursday and climbed to fresh one-month tops, around the 1.3265-70 region during the early North-American session.
Technical indicators on the daily chart have been gaining traction and support prospects for an extension of the ongoing appreciating move towards the very important 200-day SMA resistance near the 1.3275 region.
Some follow-through buying beyond the mentioned barrier has the potential to lift the pair further towards the 1.3300 handle en-route five-month-old descending trend-line resistance near the 1.3325-30 region.
On the flip side, immediate support is pegged near the 1.3235 horizontal zone and is followed by the 1.3200 round-figure mark, which if broken might accelerate the slide further towards the 1.3170-65 support zone.
Failure to defend the latter will negate any prospects for any further near-term positive move and turn the pair vulnerable to accelerate the slide further towards challenging the 1.3100 round-figure mark.
USD/CAD daily chart
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