The US Dollar is gradually gaining strength against the Canadian Dollar. The currency pair has breached a resistance level formed by the 50-, 100– and 200-hour simple moving averages.
Everything being equal, it is likely that the USD/CAD currency pair will aim for a re-test of a swing high of 1.3400 during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3367 and move past a support cluster formed by the combination of the 50-, 100– and 200 SMAs at 1.3358, the pair might end this week’s trading session with a 150 base points decline.
