USD/CAD Technical Analysis: Set-up turns in favor of bullish traders, dip-buying to help limit downside

   •  The pair caught some aggressive bids on Thursday and rallied to the 1.3400 neighbourhood, or fresh weekly tops amid weaker oil prices and a goodish USD rebound.

   •  Acceptance above 200-hour SMA and a subsequent move beyond the 1.3050-60 region was seen as a key trigger for bullish traders and a sudden pickup during the early NA session.

   •  Bullish oscillators on 4-hourly/daily charts support prospects for a further near-term appreciating move, though overbought conditions on the 1-hourly chart capped gains.

   •  However, any meaningful pullback to the mentioned resistance break-point might now be seen as a buying opportunity for an eventual move to the 1.3440-50 supply zone.

USD/CAD 1-hourly chart