USDCAD Analysis: Pair strengthens on Friday

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The Greenback continues to gain strength against other major currencies, and the Canadian Dollar was no exception. The currency pair bounced off its lower boundary of an ascending channel on Thursday and as a result, the pair breached the 61.80% Fibonacci retracement level.

The bullish momentum continued on Friday. However, after reaching the 50.00% Fibonacci retracement level, the exchange rate began to decline. This retracement can be measured by connecting the low at 1.2963 and the July 19 high at 1.3290.

By and large, it is likely that this bullish sentiment could continue during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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