The US Dollar bounced off a support cluster formed by the 200– hour simple moving average and the 50.00% Fibonacci retracement level at 1.3259 against the Canadian Dollar on Friday.
As for the near future, the USD/CAD currency pair will most likely edge up within the following trading session. The potential target for bullish traders would be at the 1.3325 area.
However, a resistance cluster formed by the 23.60% Fibo and the 50– hour SMA at 1.3295 could provide a significant resistance for the currency exchange rate in the short term.
