USD/CAD Technical Analysis: Bulls trying to form a temporary base near 50-hour SMA

   •  The pair extended its sideways consolidative price action through the mid-European session and was now seen trying to form a temporary base near 50-hour SMA. 

   •  The mentioned support coincides with 23.6% Fibonacci retracement level of the 1.3375-1.3203 recent downfall and should continue to protect the immediate downside.

   •  Meanwhile, technical indicators on the 1-hourly chart are pointing to neutral intraday bias and have also struggled to gain any positive traction on 4-hourly/daily chart.

   •  The set-up clearly points to an extension of the subdued/range-bound price action ahead of the key risk events - the latest FOMC policy update and US-China trade talks.

USD/CAD 1-hourly chart