USDCAD successfully recovered from a flash drop to 1.3454 and closed Thursday’s session above the 50- and 200-day SMAs, maintaining its position within the short-term bullish channel. Consequently, the bulls piled in on Friday to drive the pair above the 20-day SMA and the 50% Fibonacci retracement of the November-December downtrend, which has been a key resistance zone since the start of the year. The recent bullish accomplishments have raised expectations for further progress towards the upper boundary of the channel at 1.3655. However, the current neutral trend in the RSI and MACD does not inspire confidence. ... (full story)