USD/CAD Analysis: Tests 50.00% Fibo

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar depreciated about 55 base points against the Canadian Dollar on Friday. The currency pair breached the 50-hour simple moving average at 1.3443 during Friday's trading session.

Currently, the exchange rate is testing a support level formed by the 50.00% Fibonacci retracement level at 1.3430.

If the 50.00% Fibo level holds, a surge towards a swing high of 1.3503 could occur in the nearest future.

However, if the currency exchange rate passes the support line, the pair might continue its decline within this 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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