The US Dollar appreciated by 37 pips or 0.28% in value against the Canadian Dollar on Monday. The currency pair was guided up by the 100– hour simple moving average during yesterday’s trading session.
The exchange rate began Tuesday’s trading session with bearish sentiment, and by the middle of the day, the USD/CAD pair breached the 50– and 100-hour SMAs.
Bearish traders will most likely continue to dominate the currency exchange rate today. The potential target will be at the 1.3260 area.
However, the weekly pivot point at 1.3285 could provide support for the pair within this session.
