The positive momentum falters near 5-1/2 month-old descending trend-line resistance. The pair quickly retreats back below the 1.3300 handle but hold above the 200-day SMA. The USD/CAD pair maintained its strong bid tone through the early North-American session, albeit retreated few pips from multi-week tops on mostly in line Canadian CPI. A sustained move beyond the very important 200-day SMA was seen as a key trigger for bullish traders and assisted the pair to build on the previous session’s strong upsurge. The pair, however, struggled to make it through a 5-1/2 month-old descending trend-line resistance, which should now act as a key pivotal point for short-term traders. Meanwhile, technical indicators on the daily chart held well within the bullish territory and further reinforce the constructive outlook, though recovering oil prices might cap gains. Moreover, oscillators on hourly charts are already flashing slightly overbought conditions and also warrant some caution ahead of the release of the latest FOMC meeting minutes. Hence, it will be prudent to wait for a strong follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move towards mid-1.3300s. USD/CAD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price prediction: BTC/USD bulls have a hard time staying above $8,000 abyss – Confluence Detector FX Street 3 years The positive momentum falters near 5-1/2 month-old descending trend-line resistance. The pair quickly retreats back below the 1.3300 handle but hold above the 200-day SMA. The USD/CAD pair maintained its strong bid tone through the early North-American session, albeit retreated few pips from multi-week tops on mostly in line Canadian CPI. A sustained move beyond the very important 200-day SMA was seen as a key trigger for bullish traders and assisted the pair to build on the previous session's strong upsurge. The pair, however, struggled to make it through a 5-1/2 month-old descending trend-line resistance, which should now… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
