USDCAD Analysis: Two scenarious likely


The US Dollar traded with low volatility against the Canadian Dollar on Thursday. The currency pair was moving between the range of 1.3066 and 1.3006 during yesterday's trading session.

As shown on the 1(H) chart, the exchange rate is currently supported by a cluster formed by the weekly and the monthly PPs at 1.3006. If the USD/CAD currency pair holds this support level, it might move towards the weekly R1 at 1.3066 within this session.

If the currency exchange rate passes the support level as mentioned above, the price could target the 200-hour simple moving average at 1.2935 during the following trading session.


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