During yesterday’s trading session, the US Dollar depreciated about 46 basis points against the Canadian Dollar. A breakout occurred through the lower boundary of an ascending channel at 1.3271.
Given that a breakout had occurred, the USD/CAD exchange rate will most likely continue to edge lower today. The potential target for bearish traders would be at the weekly S1 at 1.3210.
However, a support level formed by the 200– hour simple moving average at 1.3251 could provide support for the currency exchange rate during the following trading session.
