Fri, Jan 22, 2021 @ 07:18 GMT
Home Contributors Technical Analysis USD/CAD Analysis: Could Exceed 1.3040 Level

USD/CAD Analysis: Could Exceed 1.3040 Level

The US Dollar surged by 33 pips or 0.26% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.

Everything being equal, the USD/CAD exchange rate is likely to continue to edge higher. Bullish traders might target the 1.3060 level within the following trading session.

However, a resistance cluster formed by the 100– hour SMA and the weekly S1 at 1.3038 could provide barriers for the currency exchange rate during the following trading session.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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