The US Dollar surged by 232 basis points or 1.69% in value against the Canadian Dollar on Thursday. The currency pair was pressured by 50—hour simple moving average during Thursday’s trading session.
After the exchange rate tested the upper boundary of an ascending channel pattern, the USD/CAD pair made a U-turn south. The pair is currently trading near the 50– hour simple moving average support level at 1.3802.
Most likely, the currency exchange rate will make an upside reversal from the support level within this session.
Moreover, technical indicators suggest buy signals on the smaller time-frame chart.
