• The USD/CAD pair built on the overnight goodish bounce from the 1.3400 handle, or weekly lows, and is currently placed at the top end of a four-week-old trading range.
• A modest pickup in the USD demand was seen as one of the key factors driving the pair higher, albeit bullish Oil prices kept a lid on any strong follow-through up-move.
The fact that the pair has repeatedly failed to extend its momentum beyond the key 1.3500 psychological mark makes it prudent to wait for a convincing move beyond the mentioned barrier before positioning for any further near-term appreciating move.
Meanwhile, technical indicators on hourly/daily charts have managed to hold in the positive territory and support prospects for an eventual bullish breakthrough, through traders still seemed to await a strong follow-through buying interest.
A sustained move, leading to subsequent strength beyond late April swing highs resistance near the 1.3520 will confirm a near-term breakout and set the stage for a short-covering rally towards the 1.3560 level en-route the 1.3600 round figure mark.
USD/CAD 4-hourly chart
|Today last price||1.3495|
|Today Daily Change||0.0033|
|Today Daily Change %||0.25|
|Today daily open||1.3462|
|Previous Daily High||1.3472|
|Previous Daily Low||1.34|
|Previous Weekly High||1.3506|
|Previous Weekly Low||1.338|
|Previous Monthly High||1.3522|
|Previous Monthly Low||1.3274|
|Daily Fibonacci 38.2%||1.3444|
|Daily Fibonacci 61.8%||1.3428|
|Daily Pivot Point S1||1.3417|
|Daily Pivot Point S2||1.3373|
|Daily Pivot Point S3||1.3346|
|Daily Pivot Point R1||1.3489|
|Daily Pivot Point R2||1.3516|
|Daily Pivot Point R3||1.356|