During the previous trading session, the US Dollar depreciated about 85 basis points against the Canadian Dollar. The currency pair breached both the 50– and 100– hour SMAs.
The exchange rate tested a support level formed by the 200– hour simple moving average during the first half of today’s trading session.
By and large, it is likely that the currency exchange rate will surpass the 200– hour SMA today.
Bearish traders could drag the USD/CAD pair towards the bottom border of an ascending channel pattern at 1.3179 within this session.
