Upside risks have been dominating the US Dollar against the Canadian since the beginning of March. The currency pair surged by 471 pips or 3.33% in value during yesterday’s trading session.
The USD/CAD exchange rate could make a brief southward movement towards a support level formed by the 100– hour simple moving average at 1.4106 within this session.
However, a support cluster formed by the 50– hour SMA and the weekly R2 near the 1.4300 could provide support for the currency exchange rate during the coming hours.
