USDCAD Analysis: Decline continues

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

Downside momentum has continued to dominate the USD/CAD currency pair. The US Dollar depreciated about 82 base points against the Canadian Dollar on Tuesday trading session.

Given that the 50-, 100– and 200-hour SMAs are above the price, it is likely that the exchange rate continues its southern journey during the following trading session. The potential target for the pair could be near the weekly S2 at 1.2863.

On the other hand, the rate could reverse from current price level and aim at the 50– and 200– hour simple moving averages ay 1.2974 within this session.

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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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