“¢ The pair had been steadily climbing higher alongside an ascending trend-line over the past few trading session, albeit struggled to make it through 200-hour SMA.
“¢ With technical indicators on the 1-hourly chart holding with a mild positive bias, a convincing break through the mentioned hurdle is likely to trigger a short-covering rally.
“¢ However, a dovish rate hike by the Fed would negate prospects of any further up-move and turn the pair vulnerable to resume with its prior depreciating move.
USD/CAD 1-hourly chart
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Spot Rate: 1.2962
Daily Low: 1.2945
Trend: Bullish on a sustained move beyond 200-hour SMA
Resistance
R1: 1.2975 (R1 daily pivot-point)
R2: 1.3000 (psychological mark)
R3: 1.3055 (50-day SMA)
Support
S1: 1.2934 (100-period SMA H1)
S2: 1.2913 (S2 daily pivot-point)
S3: 1.2884 (3-1/2 month low set last Thursday)
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