The technical picture remains increasingly bullish for the USD/CAD pair. The spot spent the Asian session in a tight range 1.3410-1.3400. Buyers returned in the morning and sent the rate to 1.3450. The buying pressure remained intact after that and the US dollar jumped to 1.3490 where the momentum lost legs. The currency pair declined to 1.3450 afterwards. The technical indicators hold within bullish territory. The moving averages accelerated their growth. MACD grew which is a buy signal. Stochastic consolidated in the overbought zone. The resistance stands at 1.3500, the support is at 1.3450.
Bulls have the ball now. It would now be interesting to see if they are able to maintain their dominant positions and to regain 1.3500.