The USD/CAD currency pair continued to decline on Wednesday. During the Asian session on Thursday, the exchange rate reversed from a swing low at 1.3060.
From a theoretical point of view, it is expected, that the USD/CAD pair aim for a resistance level formed by the 50– and 100-hour SMAs at 1.3094 during the following trading session. Although, it is unlikely, that the pair could surpass the resistance cluster today.
However, if the currency exchange rate passes the resistance cluster as mentioned earlier, the pair might end this week’s trading sessions on bullish momentum.
