USD/CAD flashes bullish signals
|Downside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, the currency pair lost 174 base points or 1.31% and also, breached both the 55-, 100-, and 200-hour SMAs.
After piercing through the monthly pivot point at 1.3128, the currency pair made a U-turn north. The pair could be targeting a resistance cluster formed by the 200-hour simple moving average and the weekly PP near the 1.3182 mark.
The daily time frame market sentiment is bullish, therefore, the USD/CAD currency exchange rate is likely to make a corrective move to the upside during the following trading session.
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