USD/CAD Technical setup still favors bullish traders

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  • USD/CAD bulls struggle to reach 1.3300
  • The dip in buying should help limit any real dip.

The USD/CAD pair struggled to build on its recent positive move beyond the 1.3300 mark and saw a modest intraday pullback from two-month highs.

Given the recent breakout of a short term uptrend channel and a subsequent move after the important 200-day SMA, the technical setup continues to favor bullish traders.

However, it appears that overbought conditions on the daily chart are the only factor stopping any further positive movement amid a healthy recovery in Crude Oil prices.

Hence, it would be wise to wait for some near-term consolidation or a potential bounce to mentioned trend channel resistance before initiating new bullish trading positions.

The failure to defend the mentioned confluence support – currently located near the 1.3230 region – now appears to accelerate the slide towards the 100-day SMA support near the 1.3180 region.

USD/CAD daily chart

USD/CAD Technical setup still favors bullish traders

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