USD/CAD Analysis: Tests 50.00% Fibo
|USD/CAD
The US Dollar depreciated about 55 base points against the Canadian Dollar on Friday. The currency pair breached the 50-hour simple moving average at 1.3443 during Friday's trading session.
Currently, the exchange rate is testing a support level formed by the 50.00% Fibonacci retracement level at 1.3430.
If the 50.00% Fibo level holds, a surge towards a swing high of 1.3503 could occur in the nearest future.
However, if the currency exchange rate passes the support line, the pair might continue its decline within this session.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.