The 50-hour simple moving average provided support for the US Dollar versus the Canadian Dollar on Thursday. After hitting the 50-hour SMA, the currency pair made a reversal to the upside.

The exchange rate breached the 200-hour SMA resistance level during the morning hours of today’s trading session.

Everything being equal, it is likely that the USD/CAD exchange rate will continue to gain strength during the following trading session.

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The possible target for bullish traders will be near the monthly pivot point at 1.3397 in the short-term.

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