USD/CAD analysis: Passes SMAs
|USD/CAD
At mid-day on Friday, the USD/CAD currency exchange rate passed the resistance of the 55 and 200-hour simple moving averages near 1.2360. It resulted in a surge, which found resistance in the previously passed trend line at 1.2408. Since the encountering of the resistance, the rate has been trading below the 1.2400 mark.
A surge of the USD/CAD rate might find resistance in the 1.2400 mark. Afterwards, the resistance zone near the 1.2430 might keep the pair down.
On the other hand, a decline of the pair could look for support in the 55 and 200-hour simple moving averages near 1.2360. Below the SMAs, the 1.2330 level might act as a support level.
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