USD/CAD stuck in a tight range around 100-DMA

A duo of better-than-expected US economic data failed to provide an additional boost to the greenback, with the USD/CAD pair stuck in neutral territory around 100-day SMA and currently trading with mild positive bias around 1.2930-35 band.

Recovery in WTI crude oil, back above $47.00/barrel mark, is seen extending support to the commodity-linked currency, loonie. 

Moreover, skepticism over eventual Fed rate-hike action in the near-future, despite of recent rhetoric from Fed officials, is restricting further upside for the major and increasing the importance of Yellen speech on Friday at Jackson Hole Symposium. 

How strong has the move been?

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 48.94, down from the last hourly print at 49.63, with ADX at 31.42, up from its previous close at 22.67.

Daily RSI sits at 46.22, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.2922, up from the last close at 1.2888 and climbing. Over the past 20 days, the exponential average closing price is 1.2966, and trending lower.

How volatile has USD/CAD been?

Hourly 2-Standard Deviation Volatility Bandwidth is currently 26 pips, and has been shrinking, while the ATR (14) is currently 17 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 456 pips and expanding. The average movement for the current hour has been for 17 pips per hour, over the last four weeks. 

What price levels and patterns have to be considered?

Immediate resistance can be seen at 1.2941 (Daily High) and 1.2946 (Weekly High). Support below can be found at 1.2922 (Hourly 20 EMA), 1.2914 (Hourly 100 SMA), 1.2902 (Yesterday's Low), 1.2900 (Daily Classic S1) and 1.2899 (Daily Low).

Regarding candlestick formations, we can see Dark Cloud Cover formation on the 1-hour and a Piercing Line formation on the 4-hour chart.