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USD/CAD Price Analysis: Set-up remains in favour of bullish traders

  • USD/CAD bulls struggle to make it through 1.3300 mark.
  • Dip-buying should help limit any meaningful downfall.

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

Given the recent break through a short-term ascending trend-channel and a subsequent move beyond the very important 200-day SMA, the set-up still favours bullish traders.

However, slightly overbought conditions on the daily chart seemed to be the only factor capping any further positive move amid a goodish recovery in crude oil prices.

Hence, it will be prudent to wait for some near-term consolidation or a possible pullback to the mentioned trend-channel resistance before initiating fresh bullish positions.

Failure to defend the said confluence support – currently near the 1.3230 region – now seems to accelerate the slide further towards 100-day SMA support near the 1.3180 zone.

USD/CAD daily chart

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