USD/CAD Technical Analysis: Set-up remains in favor of bullish traders
• The pair reversed a mid-European session dip to the 1.3400 neighbourhood and is currently placed at over two-week tops, coinciding with 61.8% Fibo. level of the 1.3664-1.3086 recent downfall.
• Given last week's solid bounce from a short-term resistance break-point-turned-support, bullish oscillators on the daily chart support prospects for an extension of the positive momentum.
• A sustained move beyond the 1.3440 region will further reinforce the constructive set-up and lift the pair beyond monthly swing highs towards reclaiming the key 1.3500 psychological mark.
• Hence, any meaningful pull-back might now be seen as a buying opportunity and should help limit the downside near 50% Fibo. level, around the 1.3070-65 region.
USD/CAD Daily chart