- USD/CAD bulls struggle to make it through 1.3300 mark.
- Dip-buying should help limit any meaningful downfall.
The USD/CAD pair struggled to build on its recent positive move beyond the 1.3300 round-figure mark and witnessed a modest intraday pullback from two-month tops.
Given the recent break through a short-term ascending trend-channel and a subsequent move beyond the very important 200-day SMA, the set-up still favours bullish traders.
However, slightly overbought conditions on the daily chart seemed to be the only factor capping any further positive move amid a goodish recovery in crude oil prices.
Hence, it will be prudent to wait for some near-term consolidation or a possible pullback to the mentioned trend-channel resistance before initiating fresh bullish positions.
Failure to defend the said confluence support – currently near the 1.3230 region – now seems to accelerate the slide further towards 100-day SMA support near the 1.3180 zone.
USD/CAD daily chart
-637164194541748632.png)
Share
