USD/CAD analysis: Buyers could prevail

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

On Monday, the US Dollar rose by 52 pips or 0.42% against the Canadian Dollar. The currency pair breached the 200– hour simple moving average during Monday'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 the following trading session.

However, the resistance line at 1.2402 could provide resistance for the USD/CAD currency exchange rate 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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