“¢ The pair built on last week’s strong up-move and continued scaling higher through the mid-European session on Tuesday to hit multi-week tops in the last hour.
“¢ Yesterday’s bullish break through a short-term descending trend-line resistance was seen as a key trigger for bullish traders and a follow-through up-move on Tuesday.
“¢ Technical indicators on the 1-hourly chart pointed to slightly overbought conditions and seemed to be the only factor capping any subsequent up-move beyond mid-1.3300s.
“¢ However, oscillators on the 4-hourly chart maintained their bullish bias and have just started gaining positive traction on the daily chart, supporting dip-buying interest.
“¢ Hence, any pull-back towards the resistance break-point might now be seen as a buying opportunity for an eventual up-move towards reclaiming the 1.3400 round figure mark.
USD/CAD 4-hourly chart
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USD/CAD
Overview:
Today Last Price: 1.3338
Today Daily change: 29 pips
Today Daily change %: 0.22%
Today Daily Open: 1.3309
Trends:
Daily SMA20: 1.3225
Daily SMA50: 1.3309
Daily SMA100: 1.3274
Daily SMA200: 1.3168
Levels:
Previous Daily High: 1.3338
Previous Daily Low: 1.3275
Previous Weekly High: 1.3308
Previous Weekly Low: 1.3112
Previous Monthly High: 1.3341
Previous Monthly Low: 1.3069
Daily Fibonacci 38.2%: 1.3314
Daily Fibonacci 61.8%: 1.3299
Daily Pivot Point S1: 1.3276
Daily Pivot Point S2: 1.3244
Daily Pivot Point S3: 1.3213
Daily Pivot Point R1: 1.334
Daily Pivot Point R2: 1.3371
Daily Pivot Point R3: 1.3403
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