USDCAD Analysis: Two scenarious likely
|USDCAD
The US Dollar traded with low volatility against the Canadian Dollar on Thursday. The currency pair was moving between the range of 1.3066 and 1.3006 during yesterday's trading session.
As shown on the 1(H) chart, the exchange rate is currently supported by a cluster formed by the weekly and the monthly PPs at 1.3006. If the USD/CAD currency pair holds this support level, it might move towards the weekly R1 at 1.3066 within this session.
If the currency exchange rate passes the support level as mentioned above, the price could target the 200-hour simple moving average at 1.2935 during the following trading 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.