USDCAD Analysis: Tests 55– and 100-hour SMAs

USDCAD

The USD/CAD currency pair re-tested the monthly R1 at the 1.3185 mark.  

As apparent on the chart, the pair could not breach the weekly PP at 1.3145 at the beginning of current trading session. Currently, the pair is testing the 55– and 100-hour SMAs near 1.3165. Technical indicators demonstrate that there is some upside potential in the market. This means that the pair should go up to re-test the monthly R1 soon. 

On the other hand, a correction south could occur in the nearest future. In this case the pair should use the support of the 200-hour SMA at 1.3116.

USDCAD

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.