The US Dollar declined by 68 pips or 0.49% against the Canadian Dollar on Wednesday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate could edge higher within the following trading session. The potential target for the USD/CAD pair would be at the 200– hour SMA at 1.4007.
However, the weekly S1 at 1.3955 could provide resistance for the currency exchange rate during the following trading session.
