USD/CAD Analysis: could edge lower

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar has surged by 46 basis points against the Canadian Dollar since yesterday's trading session. The currency pair tested a resistance cluster formed by the monthly pivot point and the weekly R1 at 1.3085.

As for the near future, the USD/CAD exchange rate could make a brief downside retracement. The possible target will be near the support cluster formed by the weekly PP and the combination of the 100– and 200– hour SMAs at 1.3057.

However, technical indicators flash buy signals on the 4(H) time-frame chart. Therefore, an upward reversal could occur from the support cluster, as mentioned earlier, within the following trading 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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