“¢ Having formed a base near 50% Fibo. level of the 1.3357-1.3503 recent up-move, the pair finally broke out of its consolidative trading range and rallied over 40-pips since the early European session.
“¢ A sustained move beyond 200-hour EMA and 38.2% Fibo. level confluence hurdle was seen as a key trigger for intraday bullish traders and behind the latest leg of an upsurge to the 1.3475-80 region.
The intraday positive momentum has now lifted the pair beyond an intermediate resistance marked by 23.6% Fibo. level, setting the stage for a move towards conquering the key 1.3500 psychological mark. Technical indicators on 4-hourly/daily charts have managed to hold in the positive territory and further reinforce the constructive outlook, albeit slightly overbought conditions on the 1-hourly chart warrant some consolidation.
Hence it would be prudent to wait for a sustained move beyond the mentioned handle before confirming a near-term bullish breakout or positioning for any further near-term appreciating move beyond the 1.3520 supply zone and the 1.3560-65 resistance towards reclaiming the 1.3600 round figure mark.
USD/CAD 1-hourly chart