USD/CAD technical analysis: Clings to modest daily gains just above 1.3300 handle

The USD/CAD pair on Tuesday showed some resilience below 200-period EMA on the 4-hourly chart and staged a goodish intraday recovery of around 75-pips.
The pair gained positive traction for the second consecutive session on Wednesday and held above the 1.3300 handle through the early North-American session.

Haresh Menghani FXStreet

The overnight slump below a two-week-old trading range turnaround to be a false breakdown and the subsequent price action support prospects for a further near-term appreciating move, albeit positive Oil prices seemed to cap the upside.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have been gaining positive momentum on hourly charts, further reinforcing the near-term bullish outlook amid a modest pickup in the US Dollar demand.

Traders, however, are likely to wait for a sustained breakthrough the 1.3345 strong resistance – monthly tops set last week – before positioning for a possible move towards reclaiming the 1.3400 handle en-route the 1.3425-30 supply zone.

On the flip side, any weakness back below the 1.3300 handle now seems to find some support near the 1.3280 horizontal zone, which if broken might accelerate the slide back towards the recent trading range support near mid-1.3200s.

USD/CAD 4-hourly chart

USD/CAD

Overview
Today last price	1.3305
Today Daily Change	0.0021
Today Daily Change %	0.16
Today daily open	1.3284

Trends
Daily SMA20	1.3264
Daily SMA50	1.3176
Daily SMA100	1.3296
Daily SMA200	1.3315

Levels
Previous Daily High	1.3302
Previous Daily Low	1.3224
Previous Weekly High	1.3346
Previous Weekly Low	1.3251
Previous Monthly High	1.3215
Previous Monthly Low	1.3016
Daily Fibonacci 38.2%	1.3273
Daily Fibonacci 61.8%	1.3254
Daily Pivot Point S1	1.3238
Daily Pivot Point S2	1.3192
Daily Pivot Point S3	1.316
Daily Pivot Point R1	1.3316
Daily Pivot Point R2	1.3348
Daily Pivot Point R3	1.3394

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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