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.



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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