USD/CAD analysis: Testing support cluster

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

Since Monday's trading session, the US Dollar has declined by 244 basis points or 1.71% against the Canadian Dollar. The currency pair breached the 50-, 100– and 200– hour SMAs on Monday.

Currently, the exchange rate is testing a support cluster formed by the weekly S1 and the monthly PP at 1.4019.

If the support cluster holds, the USD/CAD pair could make a pullback towards the 1.4183 area today.

However, if the currency exchange rate breaks the support level, bears might drive the price lower during the following trading session.

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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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