USD/CAD Analysis: pressured by 50– hour SMA

USD/CAD

The US Dollar has continued to trade sideways against the Canadian Dollar since Monday’s trading session. The currency pair made about 22 pips movement on Monday.

Given that the exchange rate has failed to surpass the 50– hour simple moving average, the USD/CAD pair will most likely continue to trade south during the following trading session.

However, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 1.3040 area could be expected within this session.

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