Canadian Dollar Goes Up Against The USD

Tuesday saw the Canadian dollar appreciate against the USD, as the USD/CAD currency pair reached levels of nearly 0.9755. The pair advanced amidst a rather tranquil European session, outperforming, its 50 and 100 hourly SMA, with the highest point of the advance for the day being 0.9%. According to analysts at ICN.com, the next levels of resistance are at 0.9780, then 0.9825, and 0.9870. If the current situation changes and the pair start to fall again, supports will be activated at 0.9715, 0.9670, and ultimately 0.9625.

ICN.com commented on the rise, stating that the pair will have to show additional signs in order for a definitive confirmation of a new upside trend to be made. The analysts at ICN.com are positive that the pair will need to return to trading levels below 0.9715 for the positive candle structure to be negated. However, for now ICN.com declared neutrality on whether the currency pair will continue climbing up or that the rise is just a temporary spike. It remains to be seen if there would be another breakthrough at 0.9780 that would definitely attract plenty of happy bulls onto the market.