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Trading news
16 Apr 2019
USD/CAD Technical Analysis: Bullish move once again falters near 1.3400 handle
• The pair continued showing some resilience below the 1.3300 handle and staged a solid bounce on Monday following the release of BoC's Business Outlook Survey results.
• The positive momentum extended through the mid-European trading session on Tuesday, albeit bulls struggled to build on the strength further beyond the 1.3400 handle.
• Given the overnight upsurge beyond 100/200-hour SMA confluence region, bullish oscillators on hourly/daily charts indicate an eventual break through the mentioned handle.
• A sustained breakthrough should now assist the pair to aim towards the 1.3445-50 supply zone, en-route March swing highs (the 1.3465-70 region) and the key 1.3500 psychological mark.
USD/CAD 1-hourly chart
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