USD/CAD Technical Analysis: Seems poised to aim towards reclaiming 1.3400 handle
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USD/CAD Technical Analysis: Seems poised to aim towards reclaiming 1.3400 handle

   “¢   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


       Today Last Price:  1.3338
       Today Daily change:  29  pips
       Today Daily change %:  0.22%
       Today Daily Open:  1.3309
       Daily SMA20:  1.3225
       Daily SMA50:  1.3309
       Daily SMA100:  1.3274
       Daily SMA200:  1.3168
       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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