Technical Talk:USD/CAD 07-10-2019

USD/CAD Analysis could fall today
Our preference: long positions above 1.3300 with targets at 1.3345 & 1.3365 in extension.Alternative scenario: below 1.3300 look for further downside with 1.3280 & 1.3265 as targets.

Comment:

The US Dollar continued to range between the 1.3345/1.3296 region against the Canadian Dollar on Friday. The currency pair tested the 50– hour simple moving average during the morning hours of today’s trading session.

As for the near future, the USD/CAD exchange rate might aim at a support level formed by the 200– hour simple moving average at 1.3273.

If the support level holds, the currency exchange rate will most likely continue its upside movement within this session.

Furthermore, technical indicators suggest that bullish traders might continue their dominance in the market today.

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