The US Dollar declined by 45 basis points or 0.35% against the Canadian Dollar on Wednesday. The decline was stopped by the 50– hour simple moving average at 1.3052 during Wednesday’s trading session.
Most likely, the exchange rate could edge higher in a descending channel pattern during the following trading session. The potential target for the USD/CAD pair would be at the 200– hour SMA at 1.3117.
However, a resistance level at 1.3100 could provide resistance for the currency exchange rate within this session.
