USD/CAD Technical Analysis: Bulls might continue to defend a short-term ascending trend-line support

   •  The pair has been trying to recover from near three-month lows set last Friday and managed to defend a short-term ascending trend-line support, above the 1.3100 handle.

   •  With technical indicators on the 1-hourly chart gaining positive traction, the set-up support prospects for further short-covering bounce amid a follow-through USD buying.

   •  A sustained move beyond 100-hour SMA will add credence to the positive outlook and should assist the pair to make an attempt to reclaim the 1.3200 round figure mark.

   •  However, bearish oscillators on 4-hourly/daily chart might turn out to be one of the key factors keeping a lid on any runaway rally amid the recent bullish run-up in oil prices.

USD/CAD 1-hourly chart