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   “¢   The pair traded with a mild negative bias through the early European session on Wednesday and eroded a part of the previous session’s strong upsurge to near two-week tops.

   “¢   Given the overnight upsurge, the downtick along a descending trend-channel on the 30-min. chart constituted towards the formation of a bullish flag chart pattern.

   “¢   Moreover, technical indicators on the mentioned chart have also eased from near-term overbought conditions and thus, support prospects for an extension of the positive momentum.

   “¢   However, a convincing break below the key 1.30 psychological mark will negate the positive outlook and turn the pair vulnerable to accelerate the slide back towards mid-1.2900s.
 

USD/CAD 30-min. chart

USD/CAD

Overview:
       Last Price:  1.3036
       Daily change:  -32  pips
       Daily change:  -0.245%
       Daily Open:  1.3068
Trends:
       Daily SMA20:  1.2951
       Daily SMA50:  1.3015
       Daily SMA100:  1.3058
       Daily SMA200:  1.2875
Levels:
       Daily High:  1.3072
       Daily Low:  1.2925
       Weekly High:  1.2956
       Weekly Low:  1.278
       Monthly High:  1.32
       Monthly Low:  1.278
       Daily Fibonacci 38.2%:  1.3015
       Daily Fibonacci 61.8%:  1.2981
       Daily Pivot Point S1:  1.2971
       Daily Pivot Point S2:  1.2874
       Daily Pivot Point S3:  1.2824
       Daily Pivot Point R1:  1.3118
       Daily Pivot Point R2:  1.3168
       Daily Pivot Point R3:  1.3265