The US Dollar depreciated by 38 basis points against the Canadian Dollar on Tuesday. The currency pair tested the monthly support level at 1.3149 during yesterday’s trading session.
Everything being equal, the USD/CAD pair will most likely continue to edge lower. The possible target for the exchange rate will be near the weekly support level at 1.3122 during the following trading session.
However, the currency exchange rate might make a slight upside movement towards a resistance cluster formed by the 200– hour simple moving average and the weekly pivot point at 1.3195 within today’s session
