USD/CAD analysis: Expected to make pullback

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar has surged by 82 pips or 0.62% against the Canadian Dollar since yesterday's trading session. The currency pair breached a strong resistance line at the 1.3200 level.

The USD/CAD exchange rate is expected to make a pullback towards a support cluster formed by the 50– and 100– hour simple moving averages at 1.3181 within this session.

However, a support line at 1.3200 could provide support for the currency exchange rate in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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