The US Dollar appreciated by 62 basis points against the Canadian Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs at 1.3152 during the previous trading session.
Currently, the USD/CAD exchange rate is trading near the border of a downtrend line at 1.3161. If the resistance level holds, a reversal south could occur during the following trading session.
From a technical perspective, the currency exchange rate will likely break the downtrend line within the following hours.
