The pair made strong gains on Friday, with the USD/CAD climbing above the psychological 1.3300 level on Monday. The positive intraday momentum strengthened with the break above the falling trendline resistance and so could the more than 2-week high be made.
The pair remains above the important intraday MAs - 50/100/200-hour SMA, which supports the bullish outlook.
The bullish oscillators on the 4-hour/day chart reinforce the constructive outlook while there are slightly overbought conditions on the 1-hour chart, which limits the gains.
In the short term, there may be a slight pullback or consolidation before traders position themselves for a move towards 1.3400.
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