Unbroken, USD/CAD Rises to $1.3300

<p>&nbsp;A change in the price pattern on the chart of the USD/CAD currency pair was exhibited in yesterday's Wednesday trading as the US dollar has started to regain its initial strengthening pace.</p><p><br /></p><p>If last Tuesday the price showed a decline towards the level of 1.32000, but the price has managed to display an energetic surge yesterday until the price has reached the level of 1.33000 in the increase that continues today.</p><p><br /></p><p>The Canadian dollar is still trading at risk in the market while the results of the meeting by the petroleum exporting countries (OPEC) are awaited by investors with the events that took place yesterday continuing today.</p><p><br /></p><p>In addition, important data from the United States (US) will be examined in the New York session later tonight, which is expected to drive the direction of the US dollar currency.</p><p><br /></p><p>And more critically for the USD/CAD chart, both the Canadian dollar and the US dollar will be affected by the release of the Canadian jobs data report and the US NFP on Friday tomorrow.</p><p><br /></p><p>Currently, the price is seen as more likely to continue increasing higher following the rising pattern displayed yesterday.</p><p><br /></p><p>The price is also moving above the Moving Average 50 (MA50) support level on the 1-hour time frame on the USD/CAD chart, which indicates a bullish movement signal for the price.</p><p><br /></p><p><br /></p><p>However, the price direction will follow the reading of the latest data that will be published until the end of the week.</p><p><br /></p><p>If the price manages to continue to rise higher past 1.33000, the target for the extension of the price rise is to reach the level of 1.34000.</p><p><br /></p><p>The price will record a recent 4-week high with the bullish movement pattern on display.</p><p><br /></p><p>However, if the price returns to show another plunge, the 1.32000 zone will again be the focus to target which has the potential to become the current support level.</p><p><br /></p><p>A drop that also passes the MA50 support will give an indication for the price to drop lower and if it passes 1.32000, the price can reach the support zone around 1.31200-1.31000.</p>