The US Dollar appreciated about 58 base points against the Canadian Dollar on Thursday. The currency pair dashed through the 61.80% Fibonacci retracement level during yesterday’s trading session.
The exchange rate tested a support cluster formed by the 50– and 200-hour SMAs at 1.3445 during the European trading session on Friday.
If the USD/CAD exchange rate passes the support cluster as mentioned above, the next targets for bullish traders will be at near the 23.60% Fibo at 1.3394.
However, if the 50– and 200-hour SMAs holds, a surge towards the monthly R1 at 1.3519 is likely today.