The US Dollar declined by 70 points or 0.53% against the Canadian Dollar on Tuesday. The currency pair was pressured lower by the 50– and 100– hour SMAs during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to edge lower. A breakout through the lower boundary of a descending channel pattern could occur within this session.
However, if the channel pattern holds, a surge towards the 100– hour simple moving average resistance level at 1.3213 could be expected today.
