The US Dollar declined by 49 pips or 0.37% in value against the Canadian Dollar on Tuesday. The currency pair tested the 100– hour simple moving average support level at 1.3161 during yesterday’s trading session.
As for the near future, the USD/CAD exchange rate will most likely continue to edge lower. Bearish traders might target a support cluster formed by the weekly pivot point and the 200– hour simple moving average at 1.3116.
However, technical indicators demonstrate that the currency exchange rate will continue to surge in the ascending channel pattern within the following trading session.
