“¢ The pair extended it’s sideways price action through the mid-European session on Friday and remained well within a broader trading range, held over the past one week or so.
“¢ Any meaningful pullbacks have been limited and finding decent dip-buying interest near a 3-1/2 week old ascending trend-line, albeit lacked any strong follow-through.
Meanwhile, positive technical indicators remain supportive of an eventual bullish breakout, albeit bulls continued with their struggle to make it through/sustain above the key 1.3500 psychological mark.
Friday’s important releases of the US consumer inflation figures and Canadian monthly jobs data might provide the required momentum and assist the pair to finally break through its near-term trading range.
A convincing break through the mentioned handle might now lift the pair to surpass the recent swing highs resistance near the 1.3520-25 region towards reclaiming the 1.3600 round figure mark.
Alternatively, sustained weakness below the said trend-line support would invalidate the constructive set-up and prompt some aggressive long-unwinding trade, dragging the pair back towards the 1.3385-80 horizontal support.
USD/CAD 1-hourly chart
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