During Friday’s trading session, the US Dollar surged by 32 basis points against the Canadian Dollar. The 50– hour simple moving average provided support for the currency pair during the previous session.
Currently, the exchange rate is trading near a support cluster formed by the 50– and 100– hour SMAs and the weekly pivot point at 1.3285.
If the support cluster holds, the USD/CAD pair will most likely continue to trend up within this session.
However, if the currency exchange rate breaks support lines, a decline towards the 2990 hour simple moving average at 1.3254 could be expected today.
