The US Dollar depreciated about 65 base points against the Canadian Dollar on Wednesday. The surged was stopped by a support level formed by the 200-hour simple moving average at 1.3325.
The USD/CAD currency pair was trading near the lower boundary of an ascending trendline at 1.3353 during the first half of today’s session and could be set for a breakout.
If this breakout occurs, the currency exchange rate will aim at a swing low level of 1.3260 during the following trading session.
On the other hand, if the price passes the 50– and 100-hour SMAs, the next target will be near a resistance level at 1.3419.
