USDCAD Analysis: Targets near weekly S1 at 1.2944

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar depreciated about 95 base points against the Canadian Dollar on Monday. The currency pair breached both the 50– and 100-hour SMAs at 1.3015 and 1.3006 during the end of yesterday's session.

Everything being equal, it is likely that the USD/CAD currency pair continues moving south towards the weekly S1 at 1.2944 during the following trading session.

However, a support line formed by the 200-hour SMA and the lower boundary of an ascending channel at 1.2978 could prevent bearish traders from pushing the currency exchange rate toward its target today.

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Dukascopy Bank Team

Dukascopy Bank SA

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