During the first half of yesterday’s trading session. The US Dollar declined by 76 basis points or 0.55% against the Canadian Dollar. However, the currency pair regained its lost points at the end of Tuesday’s session.
Currently, the exchange rate is trading near a resistance level formed by the 50– hour simple moving average at 1.3955.
If the resistance level holds, bearish traders would continue to pressure the price lower within the following session.
But, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 1.4030 area could be expected today.
