USD/CAD Technical Analysis: Hits 2-month tops, bulls eyeing 1.3400 mark ahead of BoC

   •  The pair continued scaling higher through the mid-European session on Wednesday and climbed to two-month tops, closer to the 1.3400 handle ahead of the latest BoC monetary policy update.

   •  The recent up-move along a short-term ascending trend-line since the beginning of this week further fueled the latest bullish breakout beyond a six-week-old descending trend-line barrier.

   •  Bullish oscillators on the daily chart remained supportive of the ongoing bullish momentum, though slightly overbought conditions on the 4-hourly chart warrant some consolidation/caution.

   •  Hence, traders are likely to wait for today’s key event risk for some meaningful impetus and before placing any aggressive bets/positioning for the pair’s next leg of a directional move.

USD/CAD 4-hourly chart