The US Dollar appreciated about 94 base points against the Canadian Dollar on Monday. The surge was stopped by a resistance level formed by the weekly R1 at 1.3490 during yesterday’s session.
The 50-hour simple moving average is currently providing support for the currency pair at 1.3459.
If the support line holds, the currency exchange rate could eventually breakout from a significant resistance level at 1.3516.
However, if the USD/CAD currency pair passes the 50-hour SMA, a re-tests of the 200-hour moving average at 1.3401 could be expected today.
