USDCAD Analysis: Surge on Tuesday

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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