The US Dollar depreciated about 38 basis points against the Canadian Dollar during the morning hours of Tuesday’s trading session.
All things being equal, the USD/CAD currency pair will likely continue to edge lower until it reaches a support cluster, formed by the combination of the 61.80% Fibonacci retracement level and the 200– hour simple moving average at 1.3108.
The currency exchange rate might consolidate near the support cluster, as mentioned earlier during the following trading session.
However, technical indicators demonstrate that the pair might continue to decline in the nearest future.
