USD/CAD Could Hit Resistance at 1.3115

The USD/CAD exchange rate is hovering slightly above the 50SMA and well above the 200- and 100-day SMA. The pair is seeing optimism as the US dollar is strengthening against its peers. Major target for the US bulls trading the Canadian dollar is to reach the level of 1.3115.

That level is seen as the next bounce point in the pair and bears are expected to try and turn the trend. Should they fail, bulls will take it further to next inflection point at 1.33.

If bears succeed in their attempt, USD/CAD will turn the tide and try to pierce through the SMAs with major short term goal at 1.24.

Chart: USD/CAD D1