USD/CAD Technical Analysis: Bounce from 50% Fibo. can be questioned near 1.3380/85

USD/CAD is taking the bids near 1.3330 during early Wednesday. The quote recently took a U-turn from 50% Fibonacci retracement of February 25 to March 07 upside.

If at all pullback in crude favor extended recovery of the pair, 1.3365-70 can entertain buyers ahead of challenging them by a fortnight-long descending trendline and 23.6% Fibonacci retracement near 1.3380/85.

Though, bulls’ capacity to conquer 1.3385 enables them to target 1.3405 and a month-old resistance-line at 1.3440 whereas March month high near 1.3470 could become the next landmark.

On the flipside, 50% Fibonacci Retracement level of near 1.3290 acts as immediate support for the pair, a break of which can again highlight 1.3250-40 horizontal area comprising March month low and February 22 high.

Assuming that the sellers refrain from respecting 1.3240 support, 1.3200, 1.3160 and 1.3110 might lure them.

USD/CAD 4-Hour chart

Trend: Pullback expected