USDCAD Analysis: Traded sideways
|USDCAD
The US Dollar traded sideways against the Canadian Dollar on Friday. The currency pair was pressured from above by the 50-hour simple moving average, while a support cluster formed by the monthly and the weekly PPs at 1.3008 pressured the price from below.
Currently, the exchange rate consolidated above the support cluster as mentioned earlier.
Technical indicators on both the smaller and the larger time frames suggest that the USD/CAD currency exchange rate will surge in the coming hours. If this situation occurs, the potential target for bullish traders could be at the 1.3082 regions.
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