USD/CAD Technical Analysis: Flirting with an important confluence support ahead of Trump's news conference

   •  The pair extended its intraday sharp retracement slide from four-day tops and has now moved on the verge of breaking below an important confluence support.

   •  The mentioned support comprises of the 100-day SMA, near six-week-old ascending trend-line and 23.6% Fibonacci retracement level of the 1.2782-1.3170 upsurge. 

   •  Meanwhille, technical indicators on hourly charts have been continuously gaining negative momentum, albeit have managed to hold in positive territory on the daily chart.

   •  Hence, it would be prudent to wait for a sustained weakness below the said confluence support before confirming that the pair might have already topped out in the near-term.
 

USD/CAD daily chart