The USDCAD pair recorded mild losses in the previous session, settling at 1.3153, after making a low at 1.3121. As of now, daily stochastic and RSI are trading above their 50 lines while the MACD is heading north, hinting at the presence of upside momentum in the coming session. Hourly momentum oscillators too are trading with a positive bias, further validating the bullish view. Intraday resistance is situated at the 1.3298/1.3300 level, followed by the next ones at the 8H upper Bollinger band (currently trading at 1.3240/48) and 1.3285/88 levels. A break above the latter might trigger further upside momentum in the pair. On the flipside, 4H 200SMA (currently placed at 1.3146/45) is acting as an immediate intraday support, a breach below which might lead to increased selling pressure, paving way for the 1.3121/20 and 8H 20SMA (currently trading at 1.3240/48) levels.
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