USD/CAD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 46 basis points or 0.34% against the Canadian Dollar on Wednesday. The 100– hour simple moving average pressured the exchange rate lower during yesterday's trading session.

Thursday's trading session began with bullish momentum. A breakout occurred through the upper boundary of a falling wedge during the European session.

Given that a breakout had occurred, bullish traders could target the weekly pivot point at 1.3455.

However, the 200– hour simple moving average at 1.3419 could provide resistance for the currency exchange rate today.

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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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