USD/CAD analysis: Bulls likely to prevail

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar surged by 40 points or 0.30% against the Canadian Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during Wednesday's trading session.

As for the near future, the exchange rate could continue to edge higher. Bullish traders are likely to target the upper line of a descending channel pattern during the following trading session.

However, the weekly pivot point at 1.3187 could provide resistance for the currency exchange rate within today's 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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