On Thursday, the USD/CAD exchange rate surpassed the weekly resistance level at 1.3319, and by the end of yesterday’s trading session, the pair tested the monthly R2 at 1.3340.
It is unlikely, that the currency pair could surpass the 1.3319/1.3340 range within this session. However, the Greenback might aim for a support cluster formed by the 100– hour simple moving average and the monthly R1 at 1.3270.
If the support cluster holds, it is expected, that the currency exchange rate reverses north in the nearest future to re-test the monthly R2 at 1.3340.
