USD/CAD supported by 55-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

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.

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Dukascopy Bank Team

Dukascopy Bank SA

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