USD/CAD Analysis: Bullish momentum continues

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar appreciated about 58 base points against the Canadian Dollar on Thursday. The currency pair dashed through the 61.80% Fibonacci retracement level during yesterday's trading session.

The exchange rate tested a support cluster formed by the 50– and 200-hour SMAs at 1.3445 during the European trading session on Friday.

If the USD/CAD exchange rate passes the support cluster as mentioned above, the next targets for bullish traders will be at near the 23.60% Fibo at 1.3394.

However, if the 50– and 200-hour SMAs holds, a surge towards the monthly R1 at 1.3519 is likely 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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