USD/CAD analysis: Two scenarios likely
|USD/CAD
Upside risks dominated the US Dollar against the Canadian Dollar Tuesday. The USD/CAD currency pair has surged by 105 pips or 0.83% since yesterday's trading session.
Currently, the exchange rate is trading near a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 1.2711.
If the resistance cluster holds, a decline towards the 1.2600 area could be expected today.
However, if the currency exchange rate breaks the cluster, bulls could pressure the price higher within this session.
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