USDCAD Analysis: Surge on Tuesday

Dukascopy Bank Team Dukascopy Bank SA

The US Dollar continued to gain strength against the Canadian Dollar, and by the end of yesterday session, the currency pair has moved past a resistance formed by the weekly pivot point at 1.28.

After reaching the upper boundary of an ascending channel at 1.29, the exchange rate made a corrective move south. However, this decline was stopped by the 200– hour simple moving average and the weekly PP at 1.2845.

Everything being equal, it is likely that the USD/CAD currency exchange rate maintains the ascending channel. On the daily time-frame, technical indicators supported such movement.

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Dukascopy Bank Team

Dukascopy Bank SA

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