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