Upside risks dominated USD/CAD on Thursday. The currency pair bounced off a support level formed by the weekly S1 at 1.3271 during the Asian session on Thursday. The pair ended yesterday’s trading session with 124 base points gains.
The exchange rate was trading above a weekly pivot point at 1.3356 during the first half of today’s trading session.
If the weekly PP holds, the currency exchange rate could target the upper boundary of a medium-term ascending channel pattern at 1.3465.
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However, if the rate passes the support level, a decline towards the 50-, 100– and 200-hour SMAs could be expected.
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