The USD/CAD currency pair continued to trade sideways during yesterday’s trading session. The US Dollar traded near the 1.2385 level against the Canadian Dollar on Tuesday.
The exchange rate is likely to continue to consolidate above the support level at 1.2385 within the following trading hours, as investors and traders await the US FOMC Statement, scheduled at 18:00 GMT on Wednesday.
However, the 50– hour simple moving average could pressure the currency exchange rate past the support level, as mentioned above, within this session.
