The US Dollar fell against the Canadian Dollar on Tuesday after the USD/CAD currency pair tested the 38.20% Fibonacci retracement level at 1.3237.
The exchange rate is currently testing a resistance level formed by the 50– hour simple moving average at 1.3218.
If the 50– hour SMA holds, bearish traders could continue to drive the currency exchange rate lower within this session.
However, if the pair breaches the resistance line, bulls are likely to push the price towards the 1.3279 area during the following trading session.
