USDCAD Analysis: Breaks one-week ascending channel
|USDCAD
The US Dollar traded sideways against the Canadian Dollar on Monday. The currency pair was moving between the monthly pivot point at 1.3128 and the 50-hour simple moving average at 1.3095 during the previous trading session.
The exchange rate breached both the lower boundary of a two-week an ascending channel and the 50-hour SMA at 1.3095 during the first part of Tuesday's trading session.
Given that the currency exchange rate has broken the given two weeks ascending channel, the next target for the US Dollar will be at a support cluster formed by the weekly PP and the 100-hour SMA at 1.3062 during the following trading session.
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