- Bulls manage to lift the pair beyond the 1.3350 supply zone.
- Set-up support prospects for an extension of the positive move.
The USD/CAD pair finally found acceptance above a heavy supply zone near mid-1.3300s and climbed to fresh 2-1/2 month tops during the European session on Tuesday.
The positive momentum remained well supported by the ongoing US Dollar bullish run to multi-year tops and a pullback in Crude Oil prices, now down around 1.5% for the day.
Meanwhile, technical indicators on hourly/daily charts continued gaining positive traction and are still far from being in the overbought territory, supporting prospects for additional gains.
Given the bullish break through the recent trading range, a follow-through buying has the potential to lift the pair further towards its next major hurdle near the 1.3420-25 region.
On the flip side, any slide below the 1.3350-45 resistance breakpoint might now be seen as an opportunity to initiate some fresh bullish positions and hence, limit the downside near the 1.3300 handle.
USD/CAD 1-hourly chart
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