USD/CAD continues gaining traction and spikes to near one-week tops. The set-up support prospects for an extension of the positive move. The USD/CAD pair maintained its bid tone through the early North-American session on Tuesday and jumped to near one-week tops, around the 1.3275 region post-US/Canadian manufacturing data. Given that the pair on Monday defended the very important 200-day SMA, a subsequent move beyond a three-day-old descending trend-channel was seen as a key trigger for bullish traders. Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive traction on the 4-hourly chart, further reinforcing the near-term constructive set-up. Some follow-through buying beyond 200-hour SMA will reaffirm the bullish bias and should assist the pair to make a fresh attempt towards reclaiming the 1.3300 round-figure mark. However, the fact that oscillators on the 1-hourly chart have moved on the verge of breaking into the oversold territory, bulls are likely to wait for some intraday consolidation. On the flip side, the 1.3265 horizontal level now seems to protect the immediate downside, which if broken might drag the pair back toward challenging the 1.3220 region (200-DMA). USD/CAD 1-hourly chart 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next Canada: Manufacturing Sales declined 0.7% in December, fourth straight negative reading FX Street 2 years USD/CAD continues gaining traction and spikes to near one-week tops. The set-up support prospects for an extension of the positive move. The USD/CAD pair maintained its bid tone through the early North-American session on Tuesday and jumped to near one-week tops, around the 1.3275 region post-US/Canadian manufacturing data. Given that the pair on Monday defended the very important 200-day SMA, a subsequent move beyond a three-day-old descending trend-channel was seen as a key trigger for bullish traders. Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive traction on the 4-hourly chart, further… Top 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.
