USD/CAD Analysis: Stranded between SMAs
|USDCAD
A resistance level set by a traditional monthly pivot point near the 1.3302 area hindered the US Dollar from gaining further strength against the Canadian Dollar on Monday.
The currency pair is presently stranded between SMAs. The 50-hour simple moving average is providing resistance for the rate at 1.3289, while the 100-hour moving average is providing support at 1.3267.
Technical indicators demonstrate that the currency exchange rate will continue moving in a junior ascending channel within this session.
Most likely, the USD/CAD pair could surpass the 50-hour SMA during the following trading hours.
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