USD/CAD Analysis: Pressure by SMAs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar appreciated about 77 base points against the Canadian Dollar on Friday. After the currency pair tested the weekly R1 at 1.3108, the pair made a retracement down.

The 50-, 100– and 200-hour SMAs was pressuring the exchange rate lower during the first half of Monday's trading session.

The USD/CAD pair could aim for a support level formed by the weekly S1 at 1.3014 within this session.

If the support line holds, a potential upside reversal could occur today.

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Dukascopy Bank Team

Dukascopy Bank SA

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