The post Bulls retain control above mid-1.3700s, multi-week high appeared on BitcoinEthereumNews.com.

USD/CAD trades with a positive bias for the fifth straight day, closer to a multi-week top. The uptick is led by the recent slump in Oil prices and seems unaffected by a weaker USD. The technical setup favors bullish traders and supports prospects for a further move up. The USD/CAD pair attracts some buyers for the fifth successive day on Tuesday and trades above mid-1.3700s during the Asian session, closer to a six-week peak touched the previous day.  The recent slump in Crude Oil prices, to over a one-month low, is seen as a key factor undermining the commodity-linked Loonie and acting as a tailwind for the USD/CAD pair. The uptick, meanwhile, seems rather unaffected by the emergence of some selling around the US Dollar (USD), which continues to be weighed down by bets for an interest rate cut by the Federal Reserve (Fed) in September.  From a technical perspective, the overnight sustained breakout and a close above the 1.3740 supply zone could be seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart are holding in positive territory and are still away from being in the overbought zone. This, in turn, validates the positive bias and suggests that the path of least resistance for the USD/CAD pair is to the upside.  Some follow-through buying beyond the 1.3775 area, or the multi-week top set on Monday, will reaffirm the constructive outlook and allow bulls to reclaim the 1.3800 mark. The momentum could extend further and lift the USD/CAD pair back towards the YTD peak, around the 1.3845 region touched on April 16. On the flip side, weakness below the 1.3740 resistance breakpoint is likely to attract fresh buyers and remain limited near the 1.3700 round figure. A convincing break below the latter might prompt some technical…

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Filed under: News - @ July 23, 2024 5:14 am