The US Dollar edged higher by 90 points or 0.69% against the Canadian Dollar on Tuesday. The currency pair tested the 100– hour simple moving average at 1.3079 during yesterday’s trading session.
The exchange rate could continue to slide higher during the following trading session. The potential target for bullish traders would be at the upper boundary of a descending channel pattern.
However, the 100– hour SMA could provide resistance for the USD/CAD currency exchange rate within this session.
