USD/CAD analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The USD/CAD currency pair bounced off the 200– hour simple moving average at 1.2084 on Friday. As a result, the exchange rate surged by 87 pips or 0.72% during Friday's trading session.

Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, bullish traders could continue to drive the exchange rate higher during Monday's trading session.

However, bullish traders might encounter a resistance level at 1.2171 within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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