USD/CAD Technical Analysis: Bulls continue to show resilience near 1-month-old ascending trend-channel

   •  The pair continued showing some resilience below 100-period SMA on the 4-hourly chart and once again managed to regain positive traction from closer to a support marked by one-month-old ascending trend-channel. 

   •  The uptick, however, seemed lacking any strong conviction/follow-through and remained capped below the 1.3200 handle, amid a subdued USD price action and the prevalent strong bullish sentiment around crude oil prices.

   •  Moreover, technical indicators on the above-mentioned chart have also started drifting into negative territory, albeit remained supportive of the recent upsurge since early Oct. on the daily chart. 

   •  Hence, it would be prudent to wait for a convincing break through the 100-period SMA/ascending trend-channel support before confirming that the pair might have already topped out in the near-term.
 

USD/CAD 4-hourly chart