USDCAD Analysis: Breaches 100-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar traded sideways against the Canadian Dollar on Wednesday trading session. The currency pair was moving within the range of 1.3260 and 1.3200 during the previous session. The exchange rate breached the lower boundary an ascending channel and the 100-hour simple moving average at 1.3228 during the afternoon hours session on Thursday. Given that a breakout had occurred, the USD/CAD currency exchange rate is likely to continue its decline within this session and could aim at a support cluster formed by the 200-hour SMA and the weekly PP at 1.3157 today.

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Dukascopy Bank Team

Dukascopy Bank SA

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