The US Dollar appreciated by 172 basis points or 1.27% in value against the Canadian Dollar on Tuesday. The currency pair tested the upper boundary of a dominant ascending channel pattern at 1.3769 during yesterday’s trading session.
As for the next 24 hours, the exchange rate will most likely slide lower. The potential target for the USD/CAD pair will be near a support cluster at the 1.3506 area.
However, a support line, formed by the 50– hour simple moving average at 1.3669 could provide support for the currency exchange rate during the following trading session.
