USD/CAD Analysis: Supported by three SMAs
|USDCAD
The weekly support level at 1.3276 has propelled the US Dollar by 0.70% increase in value against the Canadian Dollar on Wednesday. The surge was stopped by a resistance cluster formed by the three simple moving averages at 1.3350.
Most likely, the upside momentum could continue during the following trading session. The potential targets for bullish traders will be at the upper boundary of a descending channel pattern at 1.3400.
On the other hand, the USD/CAD currency exchange rate might reverse from the current price level at 1.3360 and aim for a re-tests of the weekly S1 at 1.3276.
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