The US Dollar has declined by 50 basis points or 0.38% in value against the Canadian Dollar since Tuesday’s trading session. The currency pair breached the 200– hour simple moving average at 1.3279 during the morning hours on Wednesday.
As for the following trading session, the USD/CAD exchange rate could continue to trade bearish. The possible target will be near a support level formed by the weekly S1 at 1.3250.
A potential upside reversal could occur from the weekly support level at 1.3250 during the following trading session.
