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   “¢   The pair continued scaling higher through the mid-European session on Wednesday and climbed to two-month tops, closer to the 1.3400 handle ahead of the latest BoC monetary policy update.

   “¢   The recent up-move along a short-term ascending trend-line since the beginning of this week further fueled the latest bullish breakout beyond a six-week-old descending trend-line barrier.

   “¢   Bullish oscillators on the daily chart remained supportive of the ongoing bullish momentum, though slightly overbought conditions on the 4-hourly chart warrant some consolidation/caution.

   “¢   Hence, traders are likely to wait for today’s key event risk for some meaningful impetus and before placing any aggressive bets/positioning for the pair’s next leg of a directional move.

USD/CAD 4-hourly chart

USD/CAD

Overview:
       Today Last Price:  1.3376
       Today Daily change:  24  pips
       Today Daily change %:  0.18%
       Today Daily Open:  1.3352
Trends:
       Daily SMA20:  1.3236
       Daily SMA50:  1.3294
       Daily SMA100:  1.3278
       Daily SMA200:  1.317
Levels:
       Previous Daily High:  1.3362
       Previous Daily Low:  1.3302
       Previous Weekly High:  1.3308
       Previous Weekly Low:  1.3112
       Previous Monthly High:  1.3341
       Previous Monthly Low:  1.3069
       Daily Fibonacci 38.2%:  1.3339
       Daily Fibonacci 61.8%:  1.3324
       Daily Pivot Point S1:  1.3315
       Daily Pivot Point S2:  1.3278
       Daily Pivot Point S3:  1.3255
       Daily Pivot Point R1:  1.3375
       Daily Pivot Point R2:  1.3398
       Daily Pivot Point R3:  1.3435