USD/CAD Analysis: Tests support at 1.3050

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar appreciated about 69 base points against the Canadian Dollar on Tuesday. The currency pair tested the upper line of a descending trendline at 1.3092 at the end of yesterday's trading session.

After testing the upper line of the downtrend line, the exchange rate made a U-turn south. Currently, the pair is testing a support cluster formed by the 50– and 100-hour SMAs at 1.3054.

Technical indicators demonstrate that the USD/CAD currency exchange rate could continue its downward swing during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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