The US Dollar gained momentum against the Canadian Dollar on Monday. The USD/CAD currency pair appreciated about 60 base points at the end of yesterday’s trading session.
A support cluster formed by the 50– and 100-hour SMAs at 1.3107 was providing support for the exchange rate on Tuesday morning.
If this cluster holds, a surge towards the weekly R1 at 1.3190 could be expected during the following trading session.
However, if the pair passes the SMAs, bears could drag the currency exchange rate further south today.
