USD/CAD technical analysis: Sellers enter around 4H 200MA, 8-week old resistance-line

• 1.3150/60 becomes the key upside barrier for the USD/CAD pair.
• Overbought RSI signals pullback towards 1.3095.

Failure to cross near-term key resistance-confluence limits the USD/CAD pair’s moves around 1.3140 during early Thursday.

Supporting the chances of a pullback to 1.3100–3095 area, comprising mid-month highs, is an overbought condition of 14-bar relative strength index (RSI).

In a case where prices decline below 1.3095, 1.3040 and latest low around 1.3015 can entertain sellers targeting 1.3000 round-figure.

Meanwhile, 200-bar moving average and 8-week old descending trend-line limits the quote’s immediate upside around 1.3150/60, a break of which could trigger fresh recovery aiming 38.2% Fibonacci retracement of May-end to July downpour, at 1.3225.

USD/CAD 4-hour chart

Trend: Pullback expected