USD/CAD Technical Analysis: Retreats from a confluence resistance near 1.30 mark

   •  The pair continued gaining positive traction for the fifth consecutive session on Monday and climbed to over one-week tops, levels just above the key 1.30 psychological mark.

   •  The positive momentum stalled near a confluence hurdle, comprising of 200-period SMA on the 4-hourly chart and 50% Fibo. level of the 1.3227-1.2782 downfall. 

   •  The pull-back, however, might still be categorized as corrective in nature, especially after the recent upsurge of around 230-pips over the past six trading session. 

   •  Moreover, technical indicators on the mentioned chart continue to hold in positive territory and support prospects for an extension of the ongoing recovery move from over 4-month lows set last week.

USD/CAD 4-hourly chart