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USD/CAD Technical Analysis: Post-Christmas trading range forms a rectangle on hourly charts

   •  The pair's post-Christmas attempted up-moves struggled to make it through the 1.3660 supply zone, though bulls have managed to defend 200-hour SMA. 

   •  The range-bound price action, forming a rectangular chart pattern, might still be categorized as a consolidation phase that marks a pause in the bullish trend.

   •  Although seen as a continuation pattern, rectangle sometimes also mark significant trend tops or bottoms and is not complete until a breakout has occurred.

   •  Hence, it would be prudent to wait for a convincing breakthrough the above-mentioned barrier before traders start positioning for a fresh leg of an up-move.

   •  Meanwhile, the downside remains protected by 200-hour SMA, which is followed by the lower end of the recent trading range, around the 1.3570-65 region.

   •  A convincing break through the said support levels might negate the bullish outlook and prompt some aggressive long-unwinding trade in the near-term.

USD/CAD 1-hourly chart

USD/CAD

Overview:
    Today Last Price: 1.3614
    Today Daily change: 32 pips
    Today Daily change %: 0.236%
    Today Daily Open: 1.3582
Trends:
    Previous Daily SMA20: 1.3523
    Previous Daily SMA50: 1.3328
    Previous Daily SMA100: 1.3171
    Previous Daily SMA200: 1.307
Levels:
    Previous Daily High: 1.3664
    Previous Daily Low: 1.3568
    Previous Weekly High: 1.4134
    Previous Weekly Low: 1.3564
    Previous Monthly High: 1.4134
    Previous Monthly Low: 1.316
    Previous Daily Fibonacci 38.2%: 1.3605
    Previous Daily Fibonacci 61.8%: 1.3627
    Previous Daily Pivot Point S1: 1.3546
    Previous Daily Pivot Point S2: 1.351
    Previous Daily Pivot Point S3: 1.3451
    Previous Daily Pivot Point R1: 1.3641
    Previous Daily Pivot Point R2: 1.37
    Previous Daily Pivot Point R3: 1.3736

 

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