USD/CAD analysis: Consolidates above 1.2080

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar traded sideways against the Canadian Dollar on Tuesday. The USD/CAD currency pair consolidated above the 1.2080 level during Tuesday's trading session.

The exchange rate breached the 50– hour simple moving average during the Asian session on Wednesday. Most likely, bullish traders could push the price higher today.

However, technical indicators suggest that the currency exchange rate may continue its downtrend move during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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