USD/CAD catches fresh bids in tandem with the US dollar. Weaker WTI also adds to the renewed uptick in the pair. Hourly chart signals technical break out, eyes 1.3500. USD/CAD caught a fresh bid-wave and reached a fresh daily high of 1.3432 in the last hour, tracking the renewed uptick in the US dollar across its main peers. The pullback in the greenback from two-year lows extends on Monday, as investors resorted to profit-taking, with the recent sell-off seen as excessive, in the run-up to the crucial US NFP report. Meanwhile, fresh weakness in the resource-linked CAD, in the wake of a 1% drop in WTI prices, also adds to the gains in the major. Apart from the fundamental catalysts, the USD/CAD spike could be also chart-based, given the falling channel breakout on the hourly chart. The bullish break exposes the 1.3500 level, as the path of least resistance appears north ahead of the US macro releases. The spot could face stiff resistance around 1.3460 region (intermittent tops) on its way to the pattern target of 1.3505. To the downside, the pattern resistance-turned-support at 1.3417 will cushion immediate pullbacks. The upward-sloping 50-hourly Simple Moving Average (HMA) also coincides at the level. Further down, the horizontal 21-HMA at 1.3404 will be the level to beat for the bears. USD/CAD hourly chart USD/CAD additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Australian PM Morrison: Will establish pandemic leave disaster payment FX Street 3 years USD/CAD catches fresh bids in tandem with the US dollar. Weaker WTI also adds to the renewed uptick in the pair. Hourly chart signals technical break out, eyes 1.3500. USD/CAD caught a fresh bid-wave and reached a fresh daily high of 1.3432 in the last hour, tracking the renewed uptick in the US dollar across its main peers. The pullback in the greenback from two-year lows extends on Monday, as investors resorted to profit-taking, with the recent sell-off seen as excessive, in the run-up to the crucial US NFP report. Meanwhile, fresh weakness in the resource-linked CAD, in the wake of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
