During the past 24 hours of trading, the US Dollar appreciated about 114 base points against the Canadian Dollar. The surge occurred after the US Federal Reserve cut the interest rates by about 0.25%.
As for the near future, it is likely that the currency pair makes a brief retracement towards a support cluster formed by the 50– and 100– hour simple moving averages at 1.3168.
If the support cluster holds, bullish traders are likely to continue their dominance in the market in the nearest future.
