USD/CAD Technical Analysis: Bulls manage to defend 200-hour SMA, at least for now

• The USD/CAD pair faced rejection near multi-month descending trend-line on Tuesday.
• The bearish pressure abated near 200-hour SMA ahead of important US macro releases.

The USD/CAD pair on Tuesday failed to capitalize on its recent positive momentum and faced rejection near a multi-month-old descending trend-line resistance.

The pair weakened back below the very important 200-day SMA and the 1.3300 handle, with bulls now trying to defend 200-hour SMA support near the 1.3270 region.

Meanwhile, oscillators on hourly charts have been drifting lower within the negative territory, albeit maintained their bullish bias on the daily chart and warrant some caution.

However, a sustained break below the mentioned support might turn the pair vulnerable to accelerate the slide further towards the 1.3250 region en-route the 1.3200 handle.

On the flip side, immediate resistance is now pegged near the 1.3300 round-figure mark, above which bulls are likely to make a fresh attempt towards clearing the trend-line hurdle.

An eventual break through the mentioned trend-line barrier now seems to set the stage for additional strength towards October monthly swing highs, around mid-1.3300s.

Some follow-through buying has the potential to continue fueling the momentum lift the pair further the 1.3380 intermediate resistance ahead of the 1.3400 round-figure mark.

USD/CAD 1-hourly chart