“¢ The pair managed to regain some traction from a support marked by 38.2% Fibo. level of the 1.3335-1.3522 recent up-move and 100-hour EMA, which might now act as a key pivotal point for the next leg of a directional move.
“¢ Oscillators on 4-hourly/daily charts maintained their bullish bias and have again started gaining positive momentum on the 1-hourly charts, supporting prospects for the resumption of the recent bullish trend to near four-month tops.
“¢ A sustained strength above 23.6% Fibo. level near the 1.3475-80 region will reinforce the constructive outlook and set the stage for a move beyond the key 1.3500 psychological mark towards testing the 1.3565-70 supply zone.
“¢ Alternatively, a break below the mentioned confluence support might negate the bearish set-up and accelerate the corrective slide towards 50% Fibo. support near the 1.3430-25 region en-route the 1.3400 round figure mark.
USD/CAD 1-hourly chart
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