USD/CAD Technical Analysis: Recovery from key support may gather traction on Sanders' comment

• USD/CAD defended key trendline and MA support earlier this week. 
• The bounce from crucial support could gather pace with Senator Sanders refusing to support for the USMCA deal. 

The USD/CAD pair is currently trading at 1.3132, representing marginal gains on the day, having defended the support at 1.31 over the previous two trading days. 

The trendline rising from September 2017 and January 2018 lows is located at 1.31. Meanwhile, the ascending 100-week MA is located at 1.3109. 

The bounce from the crucial support level seems to have stalled near 1.3133 in the last 10 hours. 

However, the bounce may now gather pace as Senator Bernie Sanders has said that he will not vote to approve the USMCA trade deal that was passed by the House of Representatives late Thursday. 

The immediate resistance is seen at 1.3150 - falling trendline o the 4-hour chart. 

Weekly chart

Trend: Bullish

Technical levels