During the past 24 hours of trading, the US Dollar has depreciated about 0.45% in value against the Canadian Dollar. The 100-hour simple moving average provided support for the pair at 1.3108 during yesterday’s session.
The currency pair is currently moving towards a resistance level formed by the weekly R3 at 1.3202.
If the resistance level holds, the exchange rate will make a brief retracement towards the 50-hour SMA at 1.3145 today.
However, technical indicators suggest that bears are likely to dominate the currency exchange rate within this session.
