“¢ The pair has been oscillating within a broader trading range over the past one-week or so and now seems to have formed a rectangle pattern on short-term charts.
“¢ The top end of the rectangle coincides with the key 1.3500 psychological mark and should act as a key pivotal point for the pair’s next leg of a directional move.
Meanwhile, technical indicators maintained their bullish bias on hourly/daily charts and support prospects for an eventual breakout on the higher side amid weaker Oil prices.
A convincing break through the mentioned barrier should pave the way for further near-term appreciating move towards the 1.3520-25 supply zone before the pair eventually aims to reclaim the 1.3600 handle.
Only a decisive break below the pattern support, near the 1.3400 round figure mark, might negate the bullish outlook and set the stage for a further near-term downfall towards testing the 1.3340-35 support zone.
USD/CAD 1-hourly chart
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