Search ForexCrunch

   “¢   The pair extended its sideways consolidative price action and is currently placed at the top end of the recent trading range, just below the key 1.3500 psychological mark.

   “¢   The mentioned handle has been acting as a key barrier over the past one week or so and should now act as a key pivotal point for the pair’s near-term directional move.

Meanwhile, technical indicators on hourly/daily charts maintained their bullish bias and the fact that the pair has managed to hold its neck above important intraday moving averages – 100 & 200-hour SMA, support prospects for an eventual bullish breakout.  

However, weakness below 200-hour SMA might further reinforce the near-term range-bound price and accelerate the slide back towards challenging the 1.3400 round figure mark before the pair eventually drops to 50-day SMA support near the 1.3385-80 region.

USD/CAD 1-hourly chart