Dukascopy Bank Team
Dukascopy Bank SA
USDCAD
The US Dollar appreciated about 56 base points against the Canadian Dollar on Thursday. However, the surge was stopped by a resistance level formed by the 50-hour simple moving average at 1.3337.
Everything being equal, it is likely that the exchange rate will aim at the lower boundary of a junior descending channel pattern at 1.3250 during the following trading session.
If the currency exchange rate breaks the junior pattern, the next target for bearish traders will be at a support cluster formed by the combination of the weekly and the monthly PPs at 1.3198.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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