The US Dollar is trading in a triangle-like formation pattern against the Canadian Dollar. The currency pair tested the lower boundary of the triangle pattern at 1.3340 during Friday’s trading session.
Currently, the exchange rate is trading near the bottom border of the pattern and could be set for a breakout.
If this breakout occurs, the currency exchange rate will likely target a swing low of 1.3320 within this trading session.
On the other hand, if the support level formed by the 100-hour SMA and the weekly PP at 1.3374 holds, the rate will move north towards the 1.3419 mark.
Currently, the exchange rate is trading near the bottom border of the pattern and could be set for a breakout.
If this breakout occurs, the currency exchange rate will likely target a swing low of 1.3320 within this trading session.
On the other hand, if the support level formed by the 100-hour SMA and the weekly PP at 1.3374 holds, the rate will move north towards the 1.3419 mark.
Comment:
Upside risks dominated the USD/CAD currency pair on Tuesday. The US Dollar appreciated about 105 base points against the Canadian Dollar by the end of yesterday’s trading session.
However, after reaching near a resistance level formed by the weekly R2 at 1.3500, the exchange rate began to decline.
Technical indicators demonstrate that the bullish momentum is likely to continue within this session.
Nevertheless, it is expected that the currency exchange rate makes a brief retracement towards the 50-hour SMA at 1.3420 today.
However, after reaching near a resistance level formed by the weekly R2 at 1.3500, the exchange rate began to decline.
Technical indicators demonstrate that the bullish momentum is likely to continue within this session.
Nevertheless, it is expected that the currency exchange rate makes a brief retracement towards the 50-hour SMA at 1.3420 today.
Comment:
The US Dollar ended Wednesday’s trading session with 92 points gains against the Canadian Dollar. The surge occurred after the US Federal Reserve hiked interest rates during the end of yesterday’s session.
However, a resistance level formed by the weekly pivot point at 1.3500 has prevented the currency pair from gaining further points for the second consecutive trading session.
After hitting the resistance line during the second part of today’s session the exchange rate began to decline.
Most likely, the currency exchange rate will aim at a support level set by the 100-hour SMA at 1.3425 within this session.
However, a resistance level formed by the weekly pivot point at 1.3500 has prevented the currency pair from gaining further points for the second consecutive trading session.
After hitting the resistance line during the second part of today’s session the exchange rate began to decline.
Most likely, the currency exchange rate will aim at a support level set by the 100-hour SMA at 1.3425 within this session.
Comment:
The US Dollar has continued its upside momentum against the Canadian Dollar. The currency pair appreciated about 110 base points during the end of Friday’s trading session.
The exchange rate was trading near the upper boundary of an ascending channel at 1.3579 during the morning hours of Monday’s trading session and could be set for a breakout.
By and large, most likely, the currency exchange rate could make a brief retracement south towards a support cluster formed by the weekly PP and the 50-hour simple moving average at 1.3532 today.
The exchange rate was trading near the upper boundary of an ascending channel at 1.3579 during the morning hours of Monday’s trading session and could be set for a breakout.
By and large, most likely, the currency exchange rate could make a brief retracement south towards a support cluster formed by the weekly PP and the 50-hour simple moving average at 1.3532 today.
Comment:
The 50-hour simple moving average has guided the US Dollar higher against the Canadian Dollar since December 24.
Presently, the exchange rate is trading near a support level formed by the 50-hour SMA at 1.3593.
If the currency pair passes the support level as mentioned above, the next target will be at a support cluster near the 1.3527 area.
On the other hand, if the 50-hour moving average holds, bullish traders could push the currency exchange rate towards the upper boundary of a one-week ascending channel pattern at 1.3650.
Presently, the exchange rate is trading near a support level formed by the 50-hour SMA at 1.3593.
If the currency pair passes the support level as mentioned above, the next target will be at a support cluster near the 1.3527 area.
On the other hand, if the 50-hour moving average holds, bullish traders could push the currency exchange rate towards the upper boundary of a one-week ascending channel pattern at 1.3650.
However, after testing a resistance level formed by the monthly pivot point at 1.3419 during the Asian session on Tuesday, the exchange rate made a U-turn south.
In regards to the near future, most likely, the US Dollar will continue to surge towards the 1.3445 area. It is expected that a decline could follow after the currency exchange rate reaches the given target.