“¢ The pair caught some aggressive bids and spiked to two-day tops, just above mid-1.3300s in the last hour, albeit struggled to sustain above 200-hour SMA.
“¢ The intraday positive move quickly ran out of the steam near a resistance marked by 61.8% Fibonacci retracement level of the 1.3404-1.3284 recent downtick.
“¢ The fact that oscillators on 4-hourly/daily charts are yet to catch up with the ongoing recovery move seemed to be the only factor capping any follow-through.
“¢ Hence, it would be prudent to wait for a strong buying before confirming that the pair might have actually bottomed out and positioning for any further recovery.
USD/CAD 1-hourly chart
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