USD/CAD Technical Analysis: Set-up points to an extension of the ongoing positive momentum

   •  The pair built on the previous session's strong rebound from near three-week low and continued gaining positive traction through the mid-European session on Tuesday.

   •  The fact that the pair managed to sustain above 100-day SMA was seen as a key trigger for bullish traders and follow-through strength beyond the 1.3200 handle.

   •  A subsequent up-move lifted the pair through over one-week-old descending trend-line resistance, with bulls now eyeing to extend the momentum beyond 200-hour SMA.

   •  The set-up points to some additional near-term gains, though traders are likely to wait for a decisive breakthrough 50% Fibo. level of the 1.3340-1.3113 recent downfall. 

USD/CAD 1-hourly chart