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The pair once again showed some resilience at lower levels and managed to recover the early lost ground to the 1.3200 mark, rather has turned positive for the third consecutive session.

The mentioned support marks a descending trend-line resistance break-point and also coincides with 100-day SMA and should now act as a key pivotal point for the pair’s near-term trajectory.

Technical indicators on the daily chart point to a slight positive bias but are yet to gain any meaningful traction on hourly charts and warrant caution before placing any aggressive bullish bets.

Hence, it would prudent to wait for a strong follow-through buying before traders start positioning for a move beyond the 1.3370 immediate resistance towards reclaiming the 1.3400 round figure mark.

USD/CAD daily chart


       Today Last Price:  1.3343
       Today Daily change %:  0.05%
       Today Daily Open:  1.3336
       Daily SMA20:  1.3282
       Daily SMA50:  1.3262
       Daily SMA100:  1.3302
       Daily SMA200:  1.3187
       Previous Daily High:  1.3374
       Previous Daily Low:  1.3289
       Previous Weekly High:  1.344
       Previous Weekly Low:  1.3287
       Previous Monthly High:  1.3341
       Previous Monthly Low:  1.3069
       Daily Fibonacci 38.2%:  1.3341
       Daily Fibonacci 61.8%:  1.3322
       Daily Pivot Point S1:  1.3292
       Daily Pivot Point S2:  1.3249
       Daily Pivot Point S3:  1.3208
       Daily Pivot Point R1:  1.3376
       Daily Pivot Point R2:  1.3417
       Daily Pivot Point R3:  1.346