The US Dollar has been trading in a two-week ascending channel against the Canadian Dollar. The currency pair re-tested the bottom border of the channel pattern during Friday’s trading session.
The USD/CAD exchange rate breached both the 50– and 100-hour simple moving averages during the first half of today’s trading session.
Given that the currency exchange rate has breached the moving averages, bullish traders could push the rate towards a resistance cluster at 1.3315 today.
However, technical indicators demonstrate that bears will dominate the pair within this session.
The USD/CAD exchange rate breached both the 50– and 100-hour simple moving averages during the first half of today’s trading session.
Given that the currency exchange rate has breached the moving averages, bullish traders could push the rate towards a resistance cluster at 1.3315 today.
However, technical indicators demonstrate that bears will dominate the pair within this session.
Comment:
The US Dollar gained about 0.62% of its values against the Canadian Dollar on Monday. The currency pair bounced of its lower boundary of a junior descending channel pattern at 1.3200 during yesterday’s trading session.
The exchange rate breached the 50-hour simple moving average at 1.3254 during the middle of the European trading session on Tuesday.
Most likely, it is expected that the Greenback continues to rally today and potentially aim for a resistance cluster formed by the 100– and 200-hour SMAs at 1.3298.
However, the currency exchange rate needs to surpass a traditional weekly pivot point at 1.3271.
The exchange rate breached the 50-hour simple moving average at 1.3254 during the middle of the European trading session on Tuesday.
Most likely, it is expected that the Greenback continues to rally today and potentially aim for a resistance cluster formed by the 100– and 200-hour SMAs at 1.3298.
However, the currency exchange rate needs to surpass a traditional weekly pivot point at 1.3271.
Comment:
The Greenback traded sideways movement against the Canadian Dollar on Tuesday. The USD/CAD currency pair was moving within the upper and the lower boundary of a horizontal channel.
The exchange rate was trading near the bottom border of the horizontal channel at 1.3248 during the middle of Wednesday’s trading session and could be set for a breakout.
Technical indicators demonstrate that there could be a downside breakout within this session.
However, a support level formed by the lower boundary of a medium-term ascending channel at 1.3240 could provide support for the pair.
The exchange rate was trading near the bottom border of the horizontal channel at 1.3248 during the middle of Wednesday’s trading session and could be set for a breakout.
Technical indicators demonstrate that there could be a downside breakout within this session.
However, a support level formed by the lower boundary of a medium-term ascending channel at 1.3240 could provide support for the pair.
Comment:
Bearish sentiment dominated the US Dollar on Wednesday. The Greenback depreciated about 162 base points against the Canadian Dollar during Wednesday’s trading session.
The exchange rate is currently trading near the bottom border of a descending channel pattern at 1.3125 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will decline towards a psychological support level at 1.3000.
However, if the descending channel pattern holds, bullish traders could aim for a re-test of the 50-hour simple moving average at 1.3220.
The exchange rate is currently trading near the bottom border of a descending channel pattern at 1.3125 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will decline towards a psychological support level at 1.3000.
However, if the descending channel pattern holds, bullish traders could aim for a re-test of the 50-hour simple moving average at 1.3220.
Comment:
The US Dollar depreciated about 83 base points against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a one-week descending channel pattern at 1.3073 during Friday’s trading session.
As for the near future, it is likely that the currency exchange rate will make a brief movement up towards a resistance level formed by a traditional weekly pivot point at 1.3153.
However, the 50-hour simple moving average at 1.3123 could drive the USD/CAD currency pair towards the bottom border of a descending channel pattern.
As for the near future, it is likely that the currency exchange rate will make a brief movement up towards a resistance level formed by a traditional weekly pivot point at 1.3153.
However, the 50-hour simple moving average at 1.3123 could drive the USD/CAD currency pair towards the bottom border of a descending channel pattern.
Comment:
The US Dollar maintained a junior descending channel pattern against the Canadian Dollar on Monday. The currency pair gained about 59 base points during yesterday’s trading session.
The exchange rate was trading along the 50-hour simple moving average during the first half of Tuesday’s trading session.
The short-term target for the currency exchange rate will be near a resistance cluster formed by the weekly pivot point and the upper boundary of the junior descending channel pattern at 1.3153.
The pair could make a pull-back from the resistance cluster as mentioned above.
The exchange rate was trading along the 50-hour simple moving average during the first half of Tuesday’s trading session.
The short-term target for the currency exchange rate will be near a resistance cluster formed by the weekly pivot point and the upper boundary of the junior descending channel pattern at 1.3153.
The pair could make a pull-back from the resistance cluster as mentioned above.
Comment:
A breakout through the upper boundary of a descending channel pattern occurred during the Asian trading session on Wednesday. The US Dollar has since appreciated about 95 base points against the Canadian Dollar during the last 24hrs.
The exchange rate broke a strong resistance level at 1.3153 and breached the 200-hour simple moving average near 1.3186 during the first half of Wednesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will continue moving up towards the weekly R1 at 1.3238 today.
Although, the rate could aim for a resistance of the weekly pivot point at 1.3153 in the short term.
The exchange rate broke a strong resistance level at 1.3153 and breached the 200-hour simple moving average near 1.3186 during the first half of Wednesday’s trading session.
Everything being equal, it is likely that the currency exchange rate will continue moving up towards the weekly R1 at 1.3238 today.
Although, the rate could aim for a resistance of the weekly pivot point at 1.3153 in the short term.
Technical indicators demonstrate that the decline of the exchange rate will continue within this session. However, it is likely that the pair will make a retracement towards the weekly pivot point at 1.3271 today.
By and large, it is expected that the USD/CAD currency exchange rate maintains the junior descending channel pattern during the following trading session.