- Break of short-term trend-line resistance favors the quote’s upside momentum.
- 61.8% Fibonacci retracement, late-May lows limit immediate advances.
Despite breaking a week-old resistance-line, USD/CAD struggles to extend the latest recovery as it is on the bids around 1.3430 during early Thursday.
The 1.3430/40 area comprising multiple lows marked during late-May and 61.8% Fibonacci retracement of immediate upside seems to limit the pair’s near-term rise.
However, pair’s ability to cross 1.3440 can quickly propel it towards 200-hour moving average (HMA) level of 1.3468 ahead of making the quote confront the 1.3490 and 1.3530 resistances.
Meanwhile, 1.3400 and 1.3360 are likely adjacent supports to watch during the pair’s pullback.
Should prices slip under 1.3360, April month low near 1.3275 may gain bears’ attention.
USD/CAD hourly chart
Trend: Pullback expected
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