USD/CAD Analysis: Sets for breakout
|USD/CAD
The US Dollar appreciated about 68 base points against the Canadian Dollar on Thursday. The currency pair bounced off from the bottom border of an ascending channel pattern at the end of yesterday's trading session.
Currently, the 200-hour simple moving average is providing support for the exchange rate at 1.3459.
If the support line holds, a breakout through a significant resistance level at 1.3497 could be expected.
However, if the currency exchange rate passes the 200-hour SMA, a decline towards a swing low of 1.3400 might occur.
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