USD/CAD technical analysis: 1.3480/85 acts as immediate upside barrier to aim for 1.3520

• A week-long horizontal area limits the pair’s immediate rise.
• Short-term ascending triangle also plays its role.

Despite witnessing failures to cross 1.3480/85 resistance-region, the USD/CAD pair still trades beyond 23.6% Fibonacci retracement near 1.3477 during early Monday.

With the pair’s sustained trading beyond 23.6% Fibonacci retracement of April 17 to 24 upside, chances of its further run-up are bright.

However, sustained break of 1.3485 becomes pre-requisite for the quote to aim for 1.3500 and then to April month highs near 1.3520.

Should there be increased buying beyond 1.3520, 61.8% Fibonacci expansion of its latest moves near 1.3530, followed by an ascending trend-line joining highs since January 07, at 1.3540, can please buyers?

Meanwhile, 23.6% Fibonacci retracement level of 1.3460 adjacent to 1.3445 and 1.3420 can entertain short-term sellers ahead of challenging them with a fortnight old upward sloping support-line, at 1.3395.

Additional selling pressure under 1.3395 confirms the ascending triangle break and may open the door for the pair’s slip towards 1.3335/30 horizontal-support.

USD/CAD hourly chart

Trend: Positive