USDCAD Analysis: Likely breakout

The USD/CAD currency pair remained stranded between the 55-, 100-, 200– hour SMAs on Friday, As a result, the rate was not able to make a distinctive movement to either direction.

After the pair pierced through the 50.00% Fibonacci retracement level, the exchange rate made a slight U-turn south. Meanwhile, a support cluster formed by the 55– and 100– hour simple moving averages was providing support for the rate at 1.28 during the European session on Friday. This retracement can be measured by connecting the low at 1.27 and the high at 1.29. 

Everything being equal, a breakout from the SMAs could be expected during the following trading session.


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