The US Dollar surged by 67 pips or 0.54% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday's trading session.

Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 200– hour simple moving average at 1.2512 could be expected today.

However, if the channel pattern holds, the USD/CAD currency exchange rate is likely to continue to edge higher during the following trading session.



This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 1.20 amid cautious mood

EUR/USD is trading around 1.20 as markets remain cautious amid concerns around rising inflation and supply chain issues. ECB President Lagarde’s speech, US Jobless Claims are awaited.


GBP/USD battles 1.39 ahead of the BOE's Super Thursday, Scottish election

GBP/USD is trading around 1.39 ahead of the BOE's "Super Thursday" rate decision where tapering of bond buys is speculated. Elections in Scotland are also eyed.


XAU/USD bulls await a sustained strength beyond $1,800 mark

A combination of factors assisted gold to regain positive traction on Wednesday. Wednesday’s softer US macro data weighed on the USD and remained supportive. Move beyond $1,800 is needed to confirm bullish bias ahead of Friday’s NFP report.

Gold News

Litecoin Price Forecast: LTC eyes 22% advance to test its all-time high

Litecoin price surged 16% over the last 24-hours, indicating an uptick in bullish momentum. A minor retracement to the weekly demand zone extending from $217 to $304 will most likely propel LTC to an all-time high at $420. On-chain metrics hint at increased interest among investors over the last couple of weeks.

More Cryptocurrencies News

With a million new jobs looming, why can’t the dollar rally?

The U.S. dollar kicked off the first trading day of May with broad-based losses. On Friday, U.S. non-farm payrolls are due for release and with the labor department expected to report a million new jobs, some investors are wondering why the U.S. dollar is unable to rally.

Read more