USD/CAD supported by 55-hour SMA

The US Dollar began to weaken against the Canadian Dollar on Wednesday after the currency pair failed to move above the upper boundaries of both a descending trendline and the upper trendline.

The 55-hour simple moving average is currently providing support for the currency pair to push higher.

Everything being equal, it is likely that the USD/CAD currency exchange rate continue moving in the ascending channel until it reaches the upper boundary of its pattern during the following trading session.  

USDCAD

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.