USD/CAD flashes bullish signals

Dukascopy Bank Team Dukascopy Bank SA

Downside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, the currency pair lost 174 base points or 1.31% and also, breached both the 55-, 100-, and 200-hour SMAs.

After piercing through the monthly pivot point at 1.3128, the currency pair made a U-turn north. The pair could be targeting a resistance cluster formed by the 200-hour simple moving average and the weekly PP near the 1.3182 mark.

The daily time frame market sentiment is bullish, therefore, the USD/CAD currency exchange rate is likely to make a corrective move to the upside during the following trading session.

Author

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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