USD/CAD technical analysis: Bulls gearing up for an eventual break through a 4-week old trading range

   •  The USD/CAD pair built on the overnight goodish bounce from the 1.3400 handle, or weekly lows, and is currently placed at the top end of a four-week-old trading range.

   •  A modest pickup in the USD demand was seen as one of the key factors driving the pair higher, albeit bullish Oil prices kept a lid on any strong follow-through up-move.

The fact that the pair has repeatedly failed to extend its momentum beyond the key 1.3500 psychological mark makes it prudent to wait for a convincing move beyond the mentioned barrier before positioning for any further near-term appreciating move.

Meanwhile, technical indicators on hourly/daily charts have managed to hold in the positive territory and support prospects for an eventual bullish breakthrough, through traders still seemed to await a strong follow-through buying interest. 

A sustained move, leading to subsequent strength beyond late April swing highs resistance near the 1.3520 will confirm a near-term breakout and set the stage for a short-covering rally towards the 1.3560 level en-route the 1.3600 round figure mark.

USD/CAD 4-hourly chart


Today last price 1.3495
Today Daily Change 0.0033
Today Daily Change % 0.25
Today daily open 1.3462
Daily SMA20 1.3446
Daily SMA50 1.3392
Daily SMA100 1.334
Daily SMA200 1.3245
Previous Daily High 1.3472
Previous Daily Low 1.34
Previous Weekly High 1.3506
Previous Weekly Low 1.338
Previous Monthly High 1.3522
Previous Monthly Low 1.3274
Daily Fibonacci 38.2% 1.3444
Daily Fibonacci 61.8% 1.3428
Daily Pivot Point S1 1.3417
Daily Pivot Point S2 1.3373
Daily Pivot Point S3 1.3346
Daily Pivot Point R1 1.3489
Daily Pivot Point R2 1.3516
Daily Pivot Point R3 1.356



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