USD/CAD Analysis: Could make U-turn north

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar depreciated about 118 base points against the Canadian Dollar on Thursday. The currency pair was pressured down by the 50-hour simple moving average.

As for the near future, it is likely that bulls could regain some of its lost positions during the following trading session. The potential upside target will be near a resistance cluster formed by the 50-hour SMA and the monthly S1 at 1.3273.

If the resistance cluster holds, the currency exchange rate will continue its downward movement in the short term future.

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Dukascopy Bank Team

Dukascopy Bank SA

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