USD/CAD(a 4-hour chart)
The greenback kept the upbeat tone unchanged vs. its Canadian peer on Tuesday. The dollar was supported by the US GDP. Moreover, all commodity currencies were under pressure due to oil prices decline.
The bullish sentiment in USD remained intact yesterday. The price still trades in the near term upward channel. The USD/CAD bounced off the lower boundary of the channel around 1.3400 and advanced towards 1.3470 during the European hours. The pair struggled hard with the level to extend its gains ahead of the
MACD grew which indicates the sellers’ positions weakening. RSI bounced off the oversold readings.
Bulls kept focusing at the 1.3470 barrier on Tuesday. A daily close above the level may risk 1.3540. Alternatively, a failed test of the level shall send this market back to the 1.3400 handle.