USD/CAD Technical Analysis: Trapped in 1.33-1.34 range for 13th straight day

USD/CAD is currently trading at 1.3348, having faced rejection at 1.34 yesterday. 

The currency has been restricted to a narrow range of 1.33-1.34 since April 4. Further, the daily chart shows, the USD/CAD pair has created a narrowing price range over the last six weeks.

Daily chart

• As of writing, the range resistance is seen at 1.3434 and the lower edge if located at 1.3297.
• A daily close above 1.3435 could yield a rally to the psychological resistance of 1.35. The case for a test of supply around 1.35, however, would weaken if the spot struggles to clear the hurdle at 1.3467 (March 7 high).
• A range breakdown would shift risk in favor of a drop to 1.3412 (50-week moving average).

Trend: Neutral while trapped in a contracting triangle