The US Dollar depreciated about 47 basis points against the Canadian Dollar on Tuesday. The decline was stopped by the weekly pivot point at 1.3271 during yesterday’s trading session.
Currently, the currency pair is testing a support level formed by the 200– hour simple moving average and the lower boundary of an ascending channel pattern at 1.3268.
If the exchange rate passes the support level, a decline towards the weekly S1 at 1.3215 could follow today.
However, if the channel pattern holds, an upside retracement could be expected in the during the following trading session.
