Home USD/CAD Price Analysis: Sits near 2-week tops, around 1.3300 mark
FXStreet News

USD/CAD Price Analysis: Sits near 2-week tops, around 1.3300 mark

  • USD/CAD regains positive traction on Wednesday and climbs to fresh two-week tops.
  • The set-up seems tilted in favour of bulls and support prospects for additional gains.
  • A sustained move beyond 1.3300 mark needed to confirm the near-term bullish outlook.

The USD/CAD pair edged higher during the early European session on Wednesday and climbed to fresh two-week tops. The pair, however, continued with its struggle to build on the momentum further beyond the 1.3300 round-figure mark.

Given the recent bounce from the vicinity of the very important 200-day SMA, the near-term set-up remains in favour of bullish traders. Hence, a move towards challenging monthly tops, around the 1.3330 region, looks a distinct possibility.

Meanwhile, technical indicators on hourly/daily charts have managed to hold in the positive territory and reinforce the near-term constructive outlook, supporting prospects for a further appreciating move amid a fresh leg down in oil prices.

On the flip side, any meaningful pullback might continue to attract some dip-buying near the 1.3260-55 horizontal resistance break-point, now turned support, which should help limit deeper losses, at least for the time being.

USD/CAD daily chart

fxsoriginal

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.