USD/CAD Analysis: likely to trade sideways today

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar appreciated about 35 basis points against the Canadian Dollar on Monday. The 200– hour simple moving average provided support for the exchange rate during yesterday's trading session.

Given that the currency pair has breached both the 50-, 100– and 200– hour SMAs, it is likely that the pair will aim for a resistance level formed by the weekly R1 at 1.3319 within the following trading session.

However, technical indicators demonstrate that the currency exchange rate might trade sideways today.

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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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