USD/CAD Analysis: Likely to decline

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar appreciated about 78 base points against the Canadian Dollar on Thursday. The surged was stopped by a resistance level formed by the 200-hour simple moving average at 1.3238.

As for the near future, it is likely that the currency exchange rate will edge lower towards a support level at 1.3182.

A potential upside movement could be expected from the support level as mentioned above.

However, technical indicators demonstrate that the USD/CAD exchange rate will end this week's trading session with a decline.

Author

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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