The US Dollar declined by 52 basis points or 0.39% in value against the Canadian Dollar during the first part of yesterday’s trading session. The decline was stopped by the 50– hour simple moving average on Monday.
The currency pair bounced off the 50– hour SMA support level during the second part of Monday’s trading session. Most likely, the exchange rate will continue to edge higher. The pair could breach the weekly R2 at 1.3309.
On the other hand, the currency exchange rate could reverse from the current price level at 1.3284 and could continue to trade bearish during the following trading session.
