“¢ 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
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