“¢ The USD/CAD pair stalled its rejection slide from the key 1.3500 psychological mark and managed to regain traction from a support marked by 50% Fibo. level of the 1.3357-1.3503 recent up-move.
“¢ The intraday uptick lifted the pair beyond an important confluence hurdle – comprising of 200-hour SMA, 38.2% Fibo. level and a downward sloping trend-line extending from the recent swing high.
Meanwhile, technical indicators on hourly/daily charts have struggled to gain any meaningful traction and seemed to be the only factor holding investors from placing any fresh bullish bets amid relatively thin liquidity conditions.
Hence, it would be prudent to wait for a sustained move beyond 23.6% Fibo. level resistance near the 1.3465-70 region before positioning for a move towards conquering the 1.3500 handle – a key trigger for any further positive move.
On the flip side, a decisive break below the 1.3430 region (50% Fibo. level) might negate any positive bias and prompt some technical selling and accelerate the slide further towards challenging the 1.3400 round figure mark.
USD/CAD 1-hourly chart