On Thursday, the US Dollar declined by 49 pips or 0.40% against the Canadian Dollar. The currency pair was pressured by the 50– hour simple moving average during yesterday’s trading session.
Technical indicators suggest selling signals on the weekly time-frame chart. Most likely, the USD/CAD exchange rate could continue to decline within the following trading session.
However, if the currency exchange rate breaks the 200– hour SMA resistance level, a surge towards the 1.2400 area could be expected today.
