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20 Feb 2020

USD/CAD Price Analysis: Intraday uptick stalls near 200-hour SMA hurdle

  • USD/CAD on Thursday stages a goodish rebound from three-week lows.
  • The technical set-up support prospects for a move beyond the 1.3300 mark.

The USD/CAD pair held on to its strong intraday gains and is currently placed near the top end of its daily trading range, around mid-1.3200s, with bulls now awaiting some follow-through buying beyond 200-hour SMA.

Given that the pair showed some resilience below the very important 200-day SMA and staged a goodish bounce from three-week lows, the set-up might have already shifted back in favour of bullish traders.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart, supporting prospects for an extension of the positive move.

A sustained strength above weekly high resistance near the 1.3275-80 region will reinforce the constructive set-up and lift the pair back beyond the 1.3300 handle towards retesting four-month tops, around the 1.3330 region.

USD/CAD 1-hourly chart

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