The US Dollar declined by 69 basis points or 0.52% against the Canadian Dollar on Tuesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
As for the near future, the exchange rate could continue to decline in the descending channel pattern. The possible target for bearish traders would be at the 1.3120 level.
However, the monthly support level at 1.3146 could provide support for the currency exchange rate during the following trading session.
