The US Dollar was stranded between the 38.2% and the 50.00% Fibonacci retracement level against the Canadian Dollar on Monday. As apparent on the 1(H) chart, the currency pair traded sideways movement during yesterday’s trading session.
As for the nearest future, it is likely that the exchange rate will continue to move sideways today. A resistance cluster formed by the 50-, 100– and 200-hour SMAs could provide resistance for the pair.
However, if the USD/CAD currency exchange rate passes the resistance cluster, a surge towards the 1.3503 marks could be expected during the following trading session.
